Top Financial (NASDAQ:TOP) stock is in the news on Friday after the company’s shares were temporarily suspended by the U.S. Securities and Exchange Commission ( ).
The big news here is the SEC halting trading of TOP as it investigates recent volatile movements. The agency has concerns that its information about the security may be inaccurate, so it’s investing the stock.
As a result of this, starting today shares of TOP aren’t trading as of about 9:30 a.m. Eastern. The SEC intends to keep this trade suspension in place until 11:59 p.m. Eastern on May 25, 2023.
Here’s what the SEC said in a filing concerning the TOP trading halt:
“The Commission temporarily suspended trading in the securities of TOP because of recent, unusual, and unexplained market activity raising concerns regarding the adequacy and accuracy of publicly-available information, in light of disclosures made concerning TOP’s financial condition and scope of operations.”
Recent Top Stock Movement
Traders only have to look back to the end of April to see the wild movement that TOP has experienced. For example, the stock jumped from $6.72 per share on April 26 to $20 per share on April 27. Shares then made a massive leap to $108.21 per share on April 28.
Ever since then, TOP has seen wild and unexplained swings in value. For example, even though the stock was recently priced at about $108 per share, it closed out trading on Thursday at just $9.13 per share. Shares also fell almost 30% today before the SEC halted trading.
Investors looking for more of the most recent stock market news will want to keep reading!
We have all of the biggest stock market stories traders need to know about on Friday. A few examples include why shares of Black Spade Acquisition (NYSE:BSAQ), C3.ai (NYSE:AI) and Mullen Automotive (NASDAQ:MULN) stock are moving today. You can find all of this news at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.