SEC suspends trades in CYNK shares, cites potential manipulation
July 11 (Reuters) - The U.S. Securities and Exchange Commission said on Friday it suspended trading in shares of over-the-counter stock CYNK Technology Corp for two weeks.
In an emailed release, the SEC said it suspended shares "because of concerns regarding the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in CYNK's common stock."
The suspension follows a similar move by FINRA, after the shares of the company jumped from six cents in early June to a closing price of $13.90 on Thursday, despite having no revenue. The Nevada corporation has a business address in Belize City, Belize, and its business description says it is a "development stage" company. (Reporting By David Gaffen; Editing by Chizu Nomiyama)