Cynk Technology's Valuation Defied Gravity Without Revenue, Rousing SEC
Market Capitalization Shot Up to $6 Billion; Regulator Flags 'Potentially Manipulative Transactions'
By Jean Eaglesham and Jeff Elder
Updated July 11, 2014 8:02 p.m. ET
The Securities and Exchange Commission is investigating how Cynk Technology Corp. CYNK -5.51% , a social network that reports zero assets, no revenue and one employee, soared to a $6 billion valuation, according to people close to the probe.The SEC on Friday halted trading in Cynk—whose price had shot up more than 100-fold since mid-June—because of concerns about "potentially manipulative transactions" in the stock, the regulator said.The sole employee Cynk has listed couldn't be reached for comment.
Saturday, July 12, 2014
This story sounds like it came from the 19th Century, not the 21st:
Posted by Steve J. at 6:45 PM