Filed under: Wall Street Watch, Stocks, Ripoffs & Scams, Investing
Federal regulators on Friday halted trading in CYNK Technology, the mysterious over-the-counter stock that ran from a few cents to over $21 in a month.
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The stoppage was ordered at 8 a.m. by the Financial Industry Regulatory Authority for an “extraordinary event,” according to the OTC Bulletin Board. At 9:30 a.m., the reason for the halt was updated to indicate that it was ordered by the U.S. Securities and Exchange Commission. According to CYNK’s SEC suspension order, the halt will last until 11:59 p.m. July 24.
“The Commission temporarily suspended trading in the securities of CYNK because of concerns regarding the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in CYNK’s common stock,” the order stated.
The company — formerly known as Introbuzz, according to filings — said it runs a social networking site called IntroBiz. That site says it allows users to “both buy and sell the ability to socially connect to individuals such as celebrities, business owners, and talented IT professionals.”
Many, including the company’s former auditor, have expressed their concerns that CYNK’s meteoric rise was suspicious given its lack of financial reporting. The company has one recorded employee and only a few dollars of assets.
From its peak at over $21 on Thursday, CYNK’s stock had fallen to about $14.
The company, formerly known as Introbuzz according to filings, said it runs a social networking site called IntroBiz. That site says it allows users to “both buy and sell the ability to socially connect to individuals such as celebrities, business owners, and talented IT professionals.”
Many, including the company’s former auditor, have expressed their concerns that CYNK’s meteoric rise was suspicious given its lack of financial reporting.
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Source: Investing
