Because Globenewswire.com doesn't have a good verification system. They publish the news before they verify the source. Anybody can make an account with them and say they represent a public company and then pay to have a fake press release published.
Since November of 2017 we've seen fake press releases issued through globenewswire.com for the following public tickers:
MNDP (fake news) - Notice to Disregard was published SHMN (fake news) - Notice to Disregard was published AVVH (fake news) - Notice to Disregard was published SFRX (fake news) - Notice to Disregard was published TNKE (fake news) TRSI (fake news) - dead company BKEN (fake news) - dead company AMPG (fake news) - Notice to Disregard was published NHPI (fake news) - Notice to Disregard was published UHLN (fake news) - Notice to Disregard was published AEXE (fake news) - Notice to Disergard was published DKSC (fake news) - dead company WGAS (fake news) - dead company PTAH (fake news) - dead company FROT (fake news) - dead company IGBR (fake news) - notice to disregard was published EMBR (fake news)
There was also fake new put out for through accesswire.com for the following public tickers:
TCEL (fake news)
We've also seen fake websites made for the following public tickers since November of 2017:
VRED (fake website) HIRU (fake website) - dead company ECOG (fake website) - dead company
And we've seen fake twitter accounts made for the following public tickers since November of 2017:
KALY (fake twitter page) ZNTR (fake twitter page) - dead company GTLL (fake twitter page)
And we've even seen fake Nevada SOS filings done for the following public tickers since November of 2017:
TSTS (fake Nevada SOS filing) PEII (fake Nevada SOS filing)
Penny stocks are mostly all scams. If you trade them then assume they are all scams and trade them that way.
Since stock manipulation is a criminal offense maybe some day we'll see the people behind the bulk of these fake PRs not just sued by the SEC but also arrested and put behind bars.
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