{"id":77225,"date":"2021-02-12T01:37:17","date_gmt":"2021-02-12T06:37:17","guid":{"rendered":"https:\/\/www.hedgeco.net\/news\/?p=77225"},"modified":"2021-02-12T01:37:17","modified_gmt":"2021-02-12T06:37:17","slug":"sec-suspends-trading-in-inactive-issuer-touted-on-social-media","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/02\/2021\/sec-suspends-trading-in-inactive-issuer-touted-on-social-media.html","title":{"rendered":"SEC Suspends Trading in Inactive Issuer Touted on Social Media"},"content":{"rendered":"\n

(HedgeCo.Net) The Securities and Exchange Commission has suspended trading in an inactive company amid questions surrounding online promotion of the company\u2019s securities and recent trading activity.<\/p>\n\n\n\n

The SEC\u2019s trading suspension order<\/a> states that since late January 2021, certain social media accounts may be engaged in a coordinated attempt to artificially influence the share price of SpectraScience Inc. (OTC: SCIE), an inactive Minnesota-based corporation. The order further states that during the same period, the share price and trading volume of SpectraScience shares increased even though there was no publicly available news from the company.<\/p>\n\n\n\n

The SEC\u2019s order also states that SpectraScience is delinquent in its reporting, having not filed any periodic reports since 2017, and that its most recent website and phone number are non-functional.<\/p>\n\n\n\n

On January 30, the SEC issued an alert warning investors<\/a> to understand the significant risks of trading based on social media, noting that discussions on social media can tempt investors to \u201cjump on the bandwagon,\u201d leading to significant investment losses.<\/p>\n\n\n\n

\u201cThis is a reminder that investors should exercise tremendous caution when investing based on social media or a sudden surge of enthusiasm for a particular security, especially where that interest does not appear tied to any news about the company or industry,\u201d said Melissa Hodgman, Acting Director of the SEC\u2019s Division of Enforcement.<\/p>\n","protected":false},"excerpt":{"rendered":"

(HedgeCo.Net) The Securities and Exchange Commission has suspended trading in an inactive company amid questions surrounding online promotion of the company\u2019s securities and recent trading activity. The SEC\u2019s trading suspension order states that since late January 2021, certain social media […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048],"tags":[],"class_list":["post-77225","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/77225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=77225"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/77225\/revisions"}],"predecessor-version":[{"id":77226,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/77225\/revisions\/77226"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=77225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=77225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=77225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}