WASHINGTON (Reuters) – US security regulator on Friday suspended trading in the securities of 15 companies due to ‘dubious trading and social media activities’, the latest in a series of temporary trading breaks amid volatile trading in so-called ‘meme shares’ . ”
The Securities and Exchange Commission acted because none of the companies submitted information to the regulator for more than a year, according to a statement. This is the regulator’s third and largest wave of suspensions in response to social media activities.
Retail interest in certain stocks, particularly GameStop Corp, has risen in a social media frenzy, leading to volatile trading.
The SEC continues to review market and trading data to track other securities to ‘potential attempts to exploit investors during the recent market volatility’, the agency said on Friday.
For a full list of suspensions announced Friday, go here: here.
Reporting by Tim Ahmann and Chris Prentice; Written by Mohammad Zargham; Edited by Richard Chang