Another day, another trading suspension of a big stock promotion. This time the ‘victim’ is Life Stem Genetics (LIFS). I previously blogged about that promotion on October 30th. This trading suspension comes just one week after the previous trading suspension of a major active stock promotion, Sovereign Lithium.
Here is a chart of LIFS:
The SEC’s trading suspension press release gave less detail than most about the reason for the trading suspension. LIFS will reopen for trading on the grey sheets on December 10th.
From the trading suspension release:
The Commission temporarily suspended trading in Life Stem because of questions regarding the
adequacy and accuracy of information about Life Stem, including, among other things, its
SEC trading suspension release (pdf)
SEC trading suspension order (pdf)
9 thoughts on “SEC Suspends trading in Life Stem Genetics $LIFS”
I have been following you for a long time.. watching your success and failure. You are a great inspiration.
Seems you cleared your losses in the same day. On 11/22 why did you choose not to short from 1.6 instead of going long…
The problem with suffering big losses (like I did with VEND) and big drawdowns (I was down about $6k on LIFS at one point) is that it makes you doubt yourself. That made me fearful and led me to cut my gains in LIFS. I obviously regret that now but that is life … all I can do is move on.
I lost out big time with lifs. and the phony pennystock promotions, I really thought that maybe this was real.Live and LEARN. It Hurts!!!
The fraudsters who create and promote these stocks are very good at telling a convincing tale.
could you please explain in a little more detail how exactly did you cover your position.
I used to think that for some odd reasons IB doesn’t support trading on Grey sheets.
So I should call the trading desc and ask them to cover me, right?
Can I set the desired exit price or they will decide for me themselves?
I am also curious what is the usual commission for this operation cause I am not a direct IB customer but my subbroker is, so I can place trades through the standard IB platform.
thank you !
Yes you will need to call the backup trading desk. You will get a warning about commissions but because you can’t trade it on TWS you will only be charged the normal commission rate. The broker will get quotes from a couple market makers and give you the option to cover at the offer — if you do not take it you can call back later.