Today the SEC suspended trading in iTrackr Systems, Inc. (IRYS) because it has failed to file any statements with the SEC since its 3rd quarter 10-Q filed last November.
From the suspension order:
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of iTrackr Systems, Inc. (“iTrackr”) because it has not filed a periodic report since it filed its Form 10-Q for the period ending September 30, 2012, filed on November 6, 2012.
The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of iTrackr. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of iTrackr is suspended for the period from 9:30 a.m. EDT, June 18, 2013 through 11:59 p.m. EDT, on July 1, 2013.
iTracker Systems (IRYS) was promoted at the beginning of March 2012 by Blue Wave Advisors LLC (now known as Sherwood Ventures LLC), Market Authority, and Tim Sykes. See my blog post about the promotion. See also Tim Sykes’ blog post about it. Since the promotion the stock has decreased in price from $0.75 to $0.0029, a drop of 99.6%.
[Edit 2013-6-23]: The SEC filed a lawsuit against David F. Bahr for promoting IRYS and allegedly paying a kickback to a broker for purchasing IRYS stock. Bahr’s actions came at the end of 2012, long after the promotion by Blue Wave Advisors and Tim Sykes and Market Authority.