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.
9 thoughts on “SEC Suspends trading in another pot stock: Petrotech Oil & Gas $PTOG”
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.
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.
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.
tweet the ceo hes that’s in all the pr’s steve heres his twitter
FALSE. Call 888-568-7111. Then #1 for Investor Relations.