This morning just prior to the market open the SEC issued a trading suspension for Vitality Biopharma (VBIO). As of the close yesterday ($1.69 per share) the company had a market cap of $38 million. The company was purportedly investigating the use of cannabis-derived compounds as medicines.
SEC trading suspension release (PDF)
SEC trading suspension order (PDF)
The reason given for the trading suspension:
questions regarding (i) the accuracy and adequacy of publicly available information in the marketplace about the company, including undisclosed control persons and concentrated beneficial ownership of Vitality Biopharma’s common stock; and (ii) potential market manipulation in Vitality Biopharma, Inc.’s common stock.
VBIO will resume trading on the grey market (no market makers) at the open on November 21st, 2018.
VBIO was apparently promoted via Twitter ads:
Big #cannabis news!
1st issuer promoted via $TWTR pop ads last month #suspended today. Roger Knox client! Jeff A client. Many others.#TheBuckStopsHere
— IvanaBoastsky (@IvanaBoastsky) November 7, 2018