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U.S. SEC suspends trading in 15 securities due to 'questionable' social media activity - Yahoo Finance

U.S. SEC suspends trading in 15 securities due to 'questionable' social media activity - Yahoo Finance

U.S. SEC suspends trading in 15 securities due to 'questionable' social media activity - Yahoo Finance
Feb 26, 2021 1 min, 0 secs

securities regulator on Friday suspended trading in the securities of 15 companies because of "questionable trading and social media activity," the latest in a string of temporary trading halts amid volatile trading in so-called "meme stocks.".

Retail interest in certain stocks, most notably GameStop Corp, has surged in a social media frenzy, leading to volatile trading.

regulators are engaging in the stock market’s version of whack-a-mole -- racing to suspend shares of companies with dubious prospects that have been hyped to the moon on social media.In a Friday statement, the Securities and Exchange Commission said it temporarily halted trading in 15 companies due to concerns that their stock prices were artificially inflated.

One of the companies, a penny stock called Blue Sphere Corp., was recently highlighted in a Bloomberg News story after spiking in value following a barrage of posts on online message boards.“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,” Melissa Hodgman, acting director of the SEC’s enforcement division, said in a statement.The SEC crackdown adds to the fallout from the GameStop Corp.

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