US SEC suspends trading of 15 securities over ‘questionable’ social media activity

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FILE PHOTO: The US Securities and Exchange Commission logo adorns an office door at SEC headquarters in Washington, June 24, 2011. REUTERS / Jonathan Ernst

WASHINGTON (Reuters) – The U.S. securities regulator on Friday suspended trading in the securities of 15 companies on Friday over “questionable business and social media activity”, the latest in a series of temporary trading disruptions in a volatile trading environment on so-called “meme stocks”. “

The Securities and Exchange Commission acted because none of the companies have filed information with the regulator for more than a year, she said in a statement. This is the third and largest wave of suspensions by the regulator in response to social media activity.

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

The SEC continues to scrutinize market and trading data for other securities “to potential attempts to exploit investors during recent market volatility,” the agency said on Friday.

For a full list of suspensions announced on Friday, go here: here.

Reporting by Tim Ahmann and Chris Prentice; Written by Mohammad Zargham; Edited by Richard Chang

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