Trading frenzy in now-halted CYNK stock likely its last
No matter how baseless the prospects are, investors will always go along for a ride on promoted OTC penny stocks. Last week CYNK, a Belizean social tech company with no revenues or assets, was finally suspended after jumping 35,000% in just a few days. By the end the company had a valuation of over $6 billion. Blogs and Twitter provided extensive coverage on the stock as it skyrocketed for no reason. Over the next few days it will be revealed whether this was a pump and dump scheme often associated with micro cap stocks. Suspension in penny stocks usually mark the end for the issue.
Read more (Reuters)