Cynk Plunges 85% as Trading Resumes After SEC Suspension
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Cynk Technology Corp., the supposed social-network operator with no revenue, plunged as trading resumed after a 10-day suspension by U.S. regulators and the stock’s 36,000 percent advance.
Cynk lost 85 percent to $2.10 with about 460,000 shares changing hands. Earlier this month, the stock traded as high as $21.95 and the company’s market value reached more than $6 billion in a frenzy that caught the attention of Twitter pundits and business blogs, such as Zero Hedge, which called the move “pure madness.”