Another day, another SEC suspension of a big pump and dump before the final dump and before volume has faded to nothing. Today the SEC suspended trading in Norstra Energy (NORX), a mailer pump that started back in April (see my post on the pump from April 3rd). Norstra Energy will resume trading on July 11th.
SEC press release
SEC suspension order
The SEC’s explanation for the trading suspension was the usual boilerplate:
Questions have arisen concerning the adequacy and accuracy of press releases and other public statements concerning Norstra’s business operations
See my blog post yesterday on the SEC’s suspension of Biozoom (BIZM) and other pumps this years.
Disclaimer: I am net long 1700 shares of BIZM (long 11,700 shares in one account and short 10,000 in another account); I have no position in any other stock mentioned and 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.
Want to thank the writer for clarifying that Norstra in not a pump and dump, but “a pump and a before the dump”.
Before a “dump” there seems to be a lot of activity, like drilling, joint ventures, etc. So when is the dump? Want to look a little deeper?
Shame on anyone that kills a company for their short sellers. THAT is a dump.
NORX most definitely is a pump and dump. Promoters (or the people who pay them) start selling their shares as soon as the promotion begins. By this point in the pump they have most likely unloaded most of their shares. Anyway, NORX is trading on the grey sheets now so nobody should trade it for any reason.