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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk -- Ignore unavailable to you. Want to Upgrade?

To: Thrifty955 who wrote (91710)	7/10/2014 9:54:31 PM
From: Thrifty955	Respond to of 207331

A social networking company with no revenue and no assets saw its stock soar to a market cap of well over $6 billion Thursday, only to fall back in the afternoon to $4 billion. The firm's meteoric rise is so unlikely that even its last auditor says it defies logic. CYNK Technology ( CYNK -5.51%), which is based in Belize according to an SEC filing and only has one recorded employee, runs a social networking site (pictured) called IntroBiz. That site says it allows users to "both buy and sell the ability to socially connect to individuals such as celebrities, business owners, and talented IT professionals," but it is not clear how many registered users it has. CYNK's stock was valued at less than a dime in June, and rocketed to nearly $20 at midday Thursday. By the afternoon, however, shares were down 5 percent to $13.97, placing the market value at around $4 billion. CNBC could not reach the company. The phone number listed on CYNK's SEC filing was answered with a recording that said the number was unassigned. "Who knows if insiders are trying to pump it to a high price?" CYNK's last auditor, Peter Messineo, said in a telephone interview Thursday with CNBC. "All I know is that I disassociate from this . . . You issue a report on something and then they pump and dump." Messineo's last review of the company was on Oct. 31, 2013. "I'm a one-person shop. I do my due diligence and then they go dark," he said. This has not stopped many from criticizing Messineo online for his connection to CYNK. As for CYNK, he said he barely recalled the company, and had to search through his files before summarizing what he knew. "They were all but a shell company other than the plan for what they were going to do: Issuing some stocks and paying professional fees, they had some research and development -- they were trying to do something on the programming end, so something was going on," he said. "Nothing to generate revenue, nothing like contracts, nothing of that sort." CYNK was created in 2008, and was orginally known as Introbuzz, according to a regulatory filing. Based on a May 2012 SEC filing, CNBC reached the former chief executive of IntroBuzz, Ken Carter, and he said he is no longer involved in the enterprise. "I used to run a company called Introbuzz, and I brought them to the stock market," he said. "I resigned from the company because of the players." When asked to elaborate, Carter only said that there are "major players in this game," and explained that he wanted to talk to his lawyer before he could say more.