SEC suspends trading of OTC share targets on social media
With market volatility swirling around so-called “meme stocks” such as GameStop, the Securities and Exchange Commission is taking action against a smaller basket of names.
Regulators on Friday suspended trading in a handful of over-the-counter (OTC) stocks, which may have been targeted by social media players trying to artificially drive up stock prices. These OTC or “penny stocks” are typically companies that do not meet New York Stock Exchange and Nasdaq listing standards and are often sold through a network of brokers.
“We proactively monitor suspicious business activity related to social media stock promotions and act swiftly to stop these transactions where appropriate to protect the public interest.” We also remind investors to exercise caution and diligence before investing in general, including in companies promoted on social media, ”said Melissa Hodgman, Acting Director of the Enforcement Division of the SEC declaration.
IN THE MIDDLE OF GAMESTOP CRAZE, GARY GENSLER, BIDEN’S APPOINTMENT TO THE SEC, GETS THE DATE OF HEARING
|just what||QUASAR AEROSPACE INDUSTRIES INC||0.001965||+0.00||+ 3.42%|
|HLXW||HELIX WIND CORP||0.001||-0.00||-9.09%|
|IPWG||INTERNATIONAL POWER GROUP LTD||0.00135||-0.00||-10.00%|
The 15 OTC stocks, which are still considered speculative in nature, include little-known companies such as Green Energy Enterprises Inc., Helix Wind Corp. and International Power Group Ltd., to name a few.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||8.01||-0.28||-3.38%|
|BBBY||BED BATH & BEYOND, INC.||26.86||+0.57||+ 2.17%|
While the list does not include the very short names that dominate headlines, regulators have signaled that other actions may be considered.
Has the CFO of GAMESTOP resigned or has he been expelled?
“The SEC continues to review market and trading data to identify other securities for which the public interest and investor protection require trading suspensions,” he said.
WHY THE GAMESTOP SHARES SUDDENLY SHOWED
The regulatory action comes as GameStop stock experienced another week of high volatility as the company’s chief financial officer resigned.
The move also comes as President Biden’s pick to lead the SEC, Gary Gensler, prepares for his confirmation hearing next week.
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