I think this is the most important part of the suspension order today:
George Canellos, Director of the SEC’s New York Regional Office, added, “The investing public does not have accurate or adequate information about these securities to use in making informed investment decisions. Nonetheless, stock-touting websites, twitter users, and often anonymous individuals posting to Internet message boards have hyped many of these companies, and these promotional campaigns have been followed by spikes in share price and trading volume.”
That sort of sets a new precedence and puts A LOT of penny stocks on alert now that they could be next
I wonder if the SEC is getting ticked off at all the social media promos.
