The Securities and Exchange Commission on Friday temporarily suspended trading on Cynk Technology Corporation, as it tried to find out why the company’s stock skyrocketed despite the fact that the social network reports no assets nor revenue, and employs only one person, The Wall Street Journal Reports.
The SEC said it was concerned about “potentially manipulative transactions” in the company’s common stock, according to Bloomberg News. After closing at 6 cents on May 15 and not trading for a month, Cynk shares abruptly rose 3,650 percent to $2.25, according to The Wall Street Journal.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
