The U.S. Securities and Exchange Commission (SEC) published a statement announcing the eviction of trading of Hong Kong-based UBI Blockchain’s stock.
The SEC is decided to suspend the trading due to questions about its recent public fillings along with market activity around the company’s stock.
The agency clarified:
“The Commission temporarily suspended trading in the securities of UBIA because of (i) questions regarding the accuracy of assertions, since at least September 2017, by UBIA in filings with the Commission regarding the company’s business operations; and (ii) concerns about recent, unusual and unexplained market activity in the company’s Class A common stock since at least November 2017.”
UBI Blockchain is one of the latest organizations to conduct the trade of its stock frozen by the SEC. Earlier, the agency has suspended trading of various other firms in the middle of questions about the legitimacy of their affirmations.
Additionally, the SEC warned to broker-dealers, shareholders, and all potential purchasers to analyze information “subsequently issued by the firm,” bearing in mind the concerns it recognized.
The agency invites everyone with any significant information concerning about the matter to collaborate with John P. Lucas of the Division of Enforcement’s Cyber Unit and admire the Financial Industry Regulatory Authority for its backing