Monday at the open PremiumStockReport.com (affiliated with Aweseomepennystocks.com) promoted Press Ventures Inc (PVEN). About 30 minutes later Pennystocks.com (also affiliated with APS) joined the promotion. Subscribers of PremiumStockReport.com were quickly met with 50%+ losses as the stock dropped hard, but Pennystocks.com subscribers didn’t receive the pump emails until after the initial dump. PVEN had been rumored for months to be the next APS pump and it had numerous ties to other APS pumps. This is now the third Awesomepennystocks pump in a row that has had trading suspended by the SEC not long after the pump began. Most recently PCWT was suspended and PWEI was suspended prior to that.
SEC trading suspension release (pdf)
SEC trading suspension order (pdf)
The reason for the trading suspension:
The Commission temporarily suspended trading in the securities of PVEN because of concerns
regarding potentially manipulative transactions in PVEN’s common stock.
The End of Awesomepennystocks.com: John Babikian flees Canada
Has stock promoter Awesomepennystocks.com retired?
I traded it horribly but ended up making over $7,000 in profits by shorting PVEN at Interactive Brokers and Centerpoint Securities. I covered my last shorts yesterday unfortunately.
Below are the charts of PWEI and PCWT before and after their trading suspensions. PVEN will very likely gap down in excess of 80% when it reopens in two weeks just as PWEI and PCWT did.