The U.S. Securities and Exchange Commission (SEC) has temporarily suspended trading of UBI Blockchain Internet stock.
Hong Kong-based UBI Blockchain Internet offers research and application in the blockchain technology with a focus on the Internet of things covering areas of food, drugs, and healthcare.
Last month, Bloomberg reported that the company has registered to sell an additional 72.3 million shares owned by executives including CEO Tony Liu.
The SEC cited two main reasons for temporarily suspending trading in the securities of the company:
“(i) questions regarding the accuracy of assertions, since at least September 2017, by UBIA in filings with the Commission regarding the company’s business operations; and (ii) concerns about recent, unusual and unexplained market activity in the company’s Class A common stock since at least November 2017.”
CoinDesk reported that the company’s stock surged over 2000 percent in the past year, according to data from MarketWatch.
The suspension of trading of UBI’s stock will last until January 22, 2018.
