Boston, MA 05/14/2014 (wallstreetpr) – It seems that Pingify International Inc (OTCBB:PGFY)’s existence is over. The Securities and Exchange Commission declared the temporary suspension of trading activities by Pingify International. Undeniably, it is frightening news for the business. The momentary suspension of the company’s trading activities is pursuant to Section 12(k) of the Securities Exchange Act of 1934. The Edmonton, Alberta based business, is terminated in its business today till May 28, 2014.
The Commission is concerned
The Securities and Exchange Commission is concerned about the public interest as well as safety of the investors. Therefore, the Commission ordered a suspension of securities trading of Pingify International. The company is a Nevada corporation with its chief business located at Canada
Potential Manipulation in the common stocks
The Securities and Exchange Commission suspended the company’s actions owing to the apprehensions regarding possible manipulation in the company’s ordinary stocks. Such a manipulating deed seems to be associated with a promotional campaign presently being held via various online websites.
Strict warnings to brokers and dealers
The Commission warned shareholders, brokers-dealers as well as prospective buyers in being careful while considering the foregoing information. The Commission has also ordered them to be aware while taking up all other existing information along with any information consequently issued by Pingify International Inc (OTCBB:PGFY). In addition, the dealers and brokers have given strict instruction to be vigilant to the matter, pursuant to Rule 15c2-11 under the Exchange Act, such that no quotation should be entered till they have strictly met the terms with each of the stated provisions.
Also, if any dealer or broker has any doubt whether he/she has abided by the rules, he/she must not enter any quotation. Instead, he/she should promptly be in touch with the staff of Division of Trading and Markets, Office of Interpretation and Guidance. He/she may also call at (202) 551-5777. On top of it, if any dealer/broker is still uncertain about what exactly is needed by Rule 15c2-11, he/she should abstain from entering quotations in relation to Pingify International Inc (OTCBB:PGFY)’s securities unless and until he becomes familiar with the rule and becomes sure that he/she has complied with the rule.
