In 2014, the Review of Financial Studies published Wisdom of Crowds: The Value of Stock Opinions Transmitted Through Social Media.

The researchers looked at the ability of Seeking Alpha articles to predict not only future stock returns (a variable susceptible to influence by analysts' published opinions), but also future earnings surprises (a variable unlikely to be influenced by published opinions).

"[6] Seeking Alpha has been alleged to be a platform for market manipulators by giving some investors the ability to post highly negative news or analysis about a company causing a rapid decline in the stock price when their followers rushed to sell.

One study that tracked the publication of negative Seeking Alpha articles by a group of writers resulted in over $20 billion in mispricing and attributed this to manipulation.

[8] Despite facing allegations, Seeking Alpha has not been held legally liable by either a court or the U.S. Securities and Exchange Commission and no definitive verdict has been reached in this matter.