The US Securities and Exchange Commission (SEC) has ordered a suspension of trading in the stock of Cynk Technology, whose share price has soared from a few cents to peak at US$21 in just a month.
The stoppage was ordered early on 11 July by the Financial Industry Regulatory Authority (FINRA) for an ‘extraordinary event’, and it was later confirmed that the order came from the SEC.
“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.
According to reports, Cynk has one recorded employee and only a few dollars of assets. However, the share price had peaked at US$21, before dropping to US$14. The halt in trading will last until 11:59pm EDT on 24 July.
Some individuals, 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, formerly known as Introbuzz according to filings, said it runs a social networking site called IntroBiz. According to the description of the site, it allows users to “both buy and sell the ability to socially connect to individuals such as celebrities, business owners, and talented IT professionals.”
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