SEC Suspend Trading in Issuers Due to Social Media Activity

The Securities and Exchange Commission (SEC) suspends trading in multiple issuers due to questionable trading and social media activity in order to its continuing effort to respond to potential attempts to exploit investors in recent volatile market.

Before that, the securities of numerous other issuers have been suspended, many of which may also have been targets of apparent social media tries to inflate their stock price artificially. To identify other securities where the public interest and the protection of investors require trading suspensions, the SEC continues to review market and trading data.

Melissa Hodgman, Acting Director of the SEC's Division of Enforcement said: "The SEC's recent suspensions of trading in nearly two dozen securities – including 15 today – are one facet of our ongoing efforts to police the market and protect investors."

"We proactively monitor for suspicious trading activity tied to stock promotions on social media, and act quickly to stop that trading when appropriate to safeguard the public interest. We also remind investors to exercise caution and do their diligence before investing generally, including in companies promoted on social media", she added.