Social network and e-commerce company NeuroMama, that trades under the ticker NERO, has been suspended in trading by the Securities and Exchange Commission this week.
The company, has soared more than 450% in just the last eight months and has a market valuation of $35 billion.
The problem? The little known company hasn’t reported actual financial results since 2013, when it listed just $4,721 in assets.
The U.S. government suspects its fast move up could be shady.
The SEC ha cited concerns about the “accuracy and adequacy of information in the marketplace” about who controls NeuroMama’s operations and “potentially manipulative transactions in the company’s stock.”
Steven Schwartzbard, who is listed as NeuroMama’s chairman, did not respond to requests for comment.
Disclaimer: We have no position in Neuromama Ltd (OTC: NERO) and have not been compensated for this article.