Regulators Halt Trading Of Tesla Stock Over Acquisition Confusion

Market regulators put a stop to wildly speculative trading on a penny stock from a defunct Grand Rapids-based company that investors mistakenly linked to a Tesla Motors acquisition.

The Financial Industry Regulatory Authority (FINRA) ordered investors to halt trading on the old shares of Grand Rapids-based auto supplier Riviera Tool Co.

The stop-trade order came about 12 minutes after the Free Press reported late Thursday afternoon that confused investors had plunged cash into potentially worthless stock in the wake of a Tesla acquisition of a similarly named firm.

What happened was fairly simple. Riviera Tool Co. ceased to exist in 2007, and its shares were delisted from the American Stock Exchange following a transaction financed by Laurus Master Fund Ltd.
 

atc98092 - 5/8/2015 12:24:12 PM

+5 Boost

009, that headline is an outright lie.

Tesla stock was not halted from trading, it was some penny stock that was mistakenly identified as being acquired by Tesla. This had no impact on Tesla trading at all.

Shame on you!

runninglogan1 - 5/9/2015 4:44:41 AM

+1 Boost

Wow. Now that's a misleading headline.