Federal regulators on Friday halted trading in CYNK Technology, the mysterious over-the-counter stock that ran from a few cents to over $21 in a month.
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.
Read More › Penny stock soars to $6B, and even the auditor is perplexed The company has one recorded employee and only a few dollars of assets.
A representative from FINRA was not immediately available for comment on the trading halt.
From its peak at over $21 yesterday, CYNK's stock has fallen to about $14.
The company, formerly known as Introbuzz according to filings, runs a social networking site called IntroBiz. That site says it allows users to "both buy and sell the ability to socially connect to individuals such as celebrities, business owners, and talented IT professionals."
Many, including the company's former auditor, have expressed their concerns that CYNK's meteoric rise is suspicious given its lack of financial reporting.
If this turns out to be a complete fraud, what happens to the retail traders who may have bought early and sold on the way up. Could they be liable for something or give up profits? I wouldn't think so, but this is nuts.
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