LAS VEGAS, Aug. 8, 2014 (GLOBE NEWSWIRE) -- Hemp, Inc. (OTC:HEMP) commended the United States Securities and Exchange Commission (SEC) for charging crooked stock promoters for manipulating the market in an effort to "pump-and-dump" certain OTC stocks. Apparently, the alleged stock promoters targeted six companies, of which two were related to the medical marijuana and industrial hemp industries. According to the SEC's case, the defendants targeted what they thought to be "thinly-traded microcap" companies, with the intention to artificially inflate the stock price.
While Hemp, Inc. is not thinly-traded, executives believe the company was a target because of its amount of volume traded… especially during the first 2 weeks of January where the company traded an average of 80,000,000 shares daily. Hemp, Inc.'s executives were unaware of the illicit promoting and manipulative trading.
Hemp, Inc. (OTC:HEMP) is not a defendant in the case and has never had any relations with any of the parties being charged. Hemp, Inc. executives released the following statement today: "Hemp, Inc. is in no way affiliated with the 4 defendants charged by the SEC and is not, and will not become, a defendant in this case, and we believe the same goes for all the 6+ companies these phony promoters targeted as victims of their shenanigans."
According to Bruce Perlowin, CEO of Hemp, Inc., "This was news to us. It's very unfortunate that Hemp, Inc. was one of the targets of their alleged fraudulent activities."
Perlowin continued saying, "In an incredibly fast-emerging sector this kind of behavior is not only appalling but unnecessary. The size and scope of the industry speaks for itself."
During the beginning of January of this year, Hemp, Inc., as well as most of the public companies in our sector, had a massive growth curve. On January 2, 2014, the company traded over 100,000,000 shares and averaged close to that during the first two weeks of January. "The defendants were obviously attracted to the massive growth curve and sought to take advantage of that."
Hemp, Inc. encourages the SEC to continue enforcing the law against individuals and groups that engage in fraudulent activities and to also use that same force against those who short shares then manipulate the market using social media to spread knowingly false accusations and predictions of suspension, bankruptcy or plummeting prices timed with additional short orders intending to drive the price down making their predictions seem true.
ABOUT HEMP, INC.
Hemp, Inc. (OTC:HEMP) focuses on the vast market created by the quickly emerging, and growing, multibillion dollar industrial hemp industry. Hemp, Inc. (OTC:HEMP) is not currently involved in the cultivation or marketing of medical cannabis. (www.hempinc.com)
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Source: Hemp, Inc.