This morning prior to the market open the SEC issued a trading suspension for Global Quest Limited (GLBB), which has been promoted over the last few weeks and which has risen from $1 to $5.65 to give it a market cap of $56 million market capitalization.
The reason given for the trading suspension (emphasis mine):
The Commission temporarily suspended trading in the securities of GLBB because of concerns regarding the accuracy and adequacy of information in the marketplace, including on Global Quest’s website, regarding the company’s business operations. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act).
The Commission acknowledges FINRA’s assistance in this matter.
While there may have been others promoting Global Quest, one promoter was Wall Street Giants. Here is an excerpt from their disclaimer:
This release is not without bias, and is considered a conflict of interest if compensation has been received by WSG for its dissemination. To comply with Section 17(b) of the Securities Act of 1933, WSG shall always disclose any compensation it has received, or expects to receive in the future, for the dissemination of the information found herein on behalf of one or more of the companies mentioned in this release. For current services performed WSG has been compensated one million two hundred thousand dollars for coverage of the current company (GLBB) featured by a non-affiliated third party. WSG HOLDS NO SHARES OF GLOBAL QUEST LTD (OTC: GLBB).
GLBB will resume trading on the grey market (no market makers) at the open on May 26, 2017.