The Securities and Exchange Commission on Tuesday said it suspended trading in two Southern Nevada companies because of questions about the adequacy and accuracy of their reports.
The trading suspensions applied to shares of Kore Nutrition of Henderson, Prime Star Group of Las Vegas and 15 other companies across the country.
The SEC said it suspended Uniontown Energy of Henderson and Vancouver, Canada, last week. Attempts to reach the companies for comment were unsuccessful.
“The investing public does not have accurate or adequate information about these securities to use in making informed investment decisions,” George Canellos, director of the SEC’s New York regional Office, said in a statement.
“Nonetheless, stock-touting websites, Twitter users and often-anonymous individuals posting to Internet message boards have hyped many of these companies,” he said.
Shares in Kore Nutrition spiked in late August following the release of a company-paid research report setting a target price of $10.50, the SEC said.
In September, Kore Nutrition issued news releases announcing distribution agreements to market its energy drinks.
The research report and distribution agreement claims were reiterated on numerous stock-promotion websites, touting Kore Nutrition as a “winner.”
Prime Star said it distributes energy drinks and bottled water.
Uniontown said it started as an oil and gas exploration company and later began developing security hardware for businesses.
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