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SEC Suspends $FRTD Yet Market Rallies

Monday, May 26, 2014 11:26

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Alan Brochstein, CFA, 420 Investor (1,390 clicks)

Contrarian, growth at reasonable price, management change, cannabis stocks

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SEC Suspends Fortitude Group Yet Cannabis Stocks Rally

May. 26, 2014 2:02 PM ET | About: Fortitude Group, Inc. (FRTD), Includes: CBGI, FSPM, GMNI, PHOT

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More…)

Summary

FINRA and the SEC have been actively policing the cannabis stocks.
Fortitude Group was the 8th suspension since early March.
The company issued a bold press release earlier in the week that likely triggered the suspension.
Unlike recent suspensions, the market shook off the Fortitude Group’s.

On Friday, May 23rd, the SEC suspended the 8th company in the cannabis sector since early March. The company, Fortitude Group (OTCPK:FRTD), was the third “Pink Sheet” in the group to suffer this type of action this month, with CannaBusiness Group (OTC:CBGI) suspended on May 7th and FusionPharm (OTC:FSPM) suspended on May 16th. The SEC lists all of the suspensions going back to 1995 here. In the case of FRTD, the ordersuggested:

there is a lack of current and accurate information concerning the securities of Fortitude Group, Inc. because of questions regarding the accuracy of publicly available information about the company’s operations.

The SEC actions have taken a tremendous toll on the sector, with theBenzinga 420 Marijuana Index declining from a peak closing value of 1010 on 3/18 to a recent low of 367 on 5/21, a decline of 64%:

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