Moreover, it seems that our previous suspicions become reality and the promotions for PBEC have not been completely legal. Obviously, the price of PBEC shares has been artificially pumped and this has been done without the appropriate disclosure, resulting in a prosecution against some promoters and some members of the company.
At the beginning of the week, Alberta Securities Commission (ASC), the regulatory agency responsible for administering the province’s securities laws, issued an Interim Cease Trade Order prohibiting all trading in the securities of PBEC. PBEC and the “independent” researchers Skymark Media Group are alleged by Alberta to have been involved in criminal actions related to the trading of PBEC stock.
The allegations against Skymark are that they have given investment advice without holding the required license and that their statements contained misleading information about PBEC. The purpose was clear: to pump deliberately the price up. Further, Skymark has received compensations from the company and has not disclosed that fact according to the requirements. The company itself is alleged to have been aware that the market for its shares is manipulated and to have authorized the promoting, which according to Alberta, has began in May this year.
All the details about the exorbitant promises of Skymark in regard of PBEC stock performance can be read in the official Alberta Notice of Hearing. PBEC shares will not be traded at least until the beginning of September, when the hearing will take place.
Since the news about the criminal promoting for PBEC came out, the market’s reaction seems logical. PBEC share price tanked massively once again yesterday and hit its absolute bottom since the stock is trading on the OTC market.
Like on Tuesday, yesterday the stock started trading with a large gap down and closed almost 38% below the previous close. Since PBEC commenced trading on the OTC market in March this year, it managed to float $1 most of the time. Though, during the trading session yesterday the price reached a value of $0.17 and finally closed at $0.36.
As PBEC is now losing the promotional and speculative gains, it seems that investors will not have the patience to wait for any of PBEC’s reported with the SEC new project and agreement to be realized.
