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ARTICLE · 27 FEBRUARY 2018

SEC Suspends Trading In Three Blockchain Companies

Pryor Cashman LLP
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On February 16, 2018, the U.S. Securities and Exchange Commission suspended trading in the securities of Cherubim Interests, Inc., PDX Partners, Inc. and Victura Construction Group, Inc...

United StatesTechnology
Michael T. Campoli
Michael T. Campoli
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On February 16, 2018, the U.S. Securities and Exchange Commission suspended trading in the securities of Cherubim Interests, Inc., PDX Partners, Inc. and Victura Construction Group, Inc. – each of which was traded on the OTC Link (previously "Pink Sheets") – as a result of disclosures that such companies made about their blockchain-related initiatives.

Specifically, the SEC suspended trading in each of the companies because of concerns regarding the accuracy and adequacy of information in the marketplace about, among other things, the nature of its business operations and the value of its assets, including in press releases issued beginning in early January 2018 about the acquisition of AAA-rated assets from a subsidiary of a private equity investor in cryptocurrency and blockchain technology. With respect to Cherubim Interests, Inc., the order also cited that company's execution of a financing commitment to launch an initial coin offering ("ICO") and its delinquency

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