This morning at about 9:25 AM the SEC suspended trading in FusionPharm (FSPM), the sixth suspension of a marijuana stock this year. FSPM joins PHOT, CDFT, PTOG, AVNE, and CANN on the list of marijuana stocks that have been suspended by the SEC this year. FSPM will begin trading again at the open on June 2nd. In connection with the suspension the SEC issued an investor alert about penny stock fraud in marijuana companies.
From the SEC press release:
The Commission temporarily suspended trading in the securities of FusionPharm due to a lack of
current and accurate information about the company because of questions that have been raised
about the accuracy and adequacy of publicly disseminated information concerning, among other
things: (1) the company’s assets; (2) the company’s revenues; (3) the company’s financial
statements; (4) the company’s business transactions; and (5) the company’s current financial
condition. This order was entered pursuant to Section 12(k) of the Exchange Act