• 11 Jul 2014 at 4:45 PM

SEC, FINRA Halt CYNK Freefall At 33%

You can’t trade the revenue-less, asset-less, member-less social network for two weeks, because, well, you know.

The stoppage was ordered at 8 a.m. EDT by the Financial Industry Regulatory Authority for an “extraordinary event,” according to the OTC Bulletin Board. At 9:30 a.m. EDT 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. EDT on 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.

From its peak at over $21 on Thursday, CYNK’s stock had fallen to about $14.

Trading in CYNK Technology halted by SEC [CNBC]

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