Boston, MA, 08/11/2014 (medicalmarijuanareporter) – Hemp Inc. (OTCMKTS: HEMP) have come to the United States Securities and Exchange Commission, so that action can be taken against swindler stock promoters, who have been trying to manipulate the stock market by dumping certain OTC stocks. These forgers have targeted about six companies, out of which two of them deals with medical marijuana including industrial hemp industry and Hemp Inc. is one of them. As per the case, price of the stocks of thinly traded microcap companies were tried to be inflated artificially. However, Hemp Inc. stock is not a thinly traded stock.
The Hemp Inc. (OTCMKTS: HEMP)’s key persons believe that the company stock was mis-targeted due to the large volume of the stock traded, especially in the period of first two weeks in the month of January. Hemp traded an average of 80000000 shares daily, in the month of January. The executives of the company were not aware that their company’s stock has been trading in manipulative way and been promoted illegally.
The company is not defendant in this case and has no connection with any of the parties or individuals being charged for this fraud. In order to save its image, the company released its statement confirming that Hemp Inc. (OTCMKTS: HEMP), in no way has been affiliated with the four defendants, who have been charged by the United States Securities and Exchange Commission. The company also clarified that it will not become a defendant in this case and they hope that the same will be applicable for other companies also which were targeted by these group of mischievous bunch of people to harm in a deceitful way.
Bruce Perlowin, CEO of Hemp Inc. (OTCMKTS: HEMP). says that it’s an unfortunate event for the company. In the beginning of January this year, Hemp Inc. along with other public companies showed a high and positive growth curve in marijuana industry. On 2nd January 2014 itself, the company traded more than 100000000 shares. This number looks appealing and shenanigans took benefit of the same.