«

»

Mar 14

SEC Suspends trading in another pot stock: Petrotech Oil & Gas $PTOG

This morning the SEC suspended trading in former oil and gas stock and current me-too marijuana stock Petrotech Oil & Gas (PTOG). PTOG entered the marijuana business and put out a press release about that on February 19. PTOG has also been the subject of numerous email promotional campaigns since last May and continuing to this morning. Here is the disclaimer of one promoter that touted PTOG this morning at 7:53am:

AwesomeStocks.com is a web property owned by Empire Investment Group Ltd. AwesomeStocks.com has been compensated up to $10,000 for this profile of PTOG by a third party. .

The suspension of PTOG scared many traders of marijuana stocks and caused gaps down in TRTC and GRNH. Many traders I know were long PTOG overnight because of its strong close yesterday. PTOG will reopen for trading at market open on March 28th.

SEC suspension release (pdf)
SEC suspension order (pdf)

This is now the second suspension of a marijuana stock, following last week’s AVNE trading suspension. If this continues then the marijuana hype should die down.

The Commission temporarily suspended trading in the securities of PTOG because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the company’s operations.

The Commission acknowledges FINRA’s assistance in this matter.

ptog

Disclaimer: I was long GRNH overnight and lost some money as it gapped down. I have no net position in TRTC at the moment but I am long 3183 shares in one account and short 3183 shares in another account. I have no relationship with any parties mentioned above. This blog has a terms of use that is incorporated by reference into this post; you can find all my disclaimers and disclosures there as well.

5 comments

4 pings

Skip to comment form

  1. larry

    So what does this mean? Are we going to lose our money with PTOG? What usually happens with these situations? There was no warning. Someone should pay.

    1. Michael Goode

      Usually the stock gaps down 50% or more and then slowly drops once it reopens for trading. Keep an eye on AVNE next week and see what it does when it reopens.

  2. larry

    I called the company phone number and a recording from AT&T asked if you wanted to connect to a similar company but it was not answered by PTOG. Don’t know what to make of that.

    1. iburnpurplekush

      tweet the ceo hes that’s in all the pr’s steve heres his twitter
      twitterDOTcom/smachat/status/444293530987810816/photo/1

    2. JAG

      FALSE. Call 888-568-7111. Then #1 for Investor Relations.

  1. SEC Suspends trading in fourth (and largest so far) pot stock $CANN Advanced Cannabis Solutions » Goode Trades

    […] in premarket the SEC suspended trading in Advanced Cannabis Solutions (CANN). CANN joins CDFT, PTOG, and AVNE on the list of marijuana stocks that have been suspended by the SEC over the last […]

  2. SEC Suspends trading in Growlife $PHOT: Fifth marijuana stock suspension this year » Goode Trades

    […] morning in premarket the SEC suspended trading in Growlife (PHOT). PHOT joins CDFT, PTOG, AVNE, and CANN on the list of marijuana stocks that have been suspended by the SEC over the last […]

  3. SEC Suspends trading in marijuana stock Fortitude Group $FRTD » Goode Trades

    […] the seventh suspension of a marijuana stock this year. FRTD joins FSPM, PHOT,  CDFT, PTOG, AVNE, and CANN on the list of marijuana stocks that have been suspended by the SEC this year. […]

  4. SEC Suspends trading in marijuana stocks SK3 Group $SKTO and Alternative Energy Inc $AEGY » Goode Trades

    […] that have been suspended by the SEC this year: SKTO, AEGY, WBXU, FRTD, FSPM, PHOT,  CDFT, PTOG, AVNE, CBGI, […]

Leave a Reply

Your email address will not be published. Required fields are marked *


one × two =

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>