Riot Blockchain Tumbles After Expose Raises Manipulation Concern

[bostonangler]

https://finance.yahoo.com/video/investigating-riot-blockchain-124000260.html

 

CNBC examines a high-profile cryptocurrency company whose stock zoomed after it changed its business model to blockchain.

Riot Blockchain Inc. shares tumbled as much as 34 percent after CNBC broadcast a report suggesting the rebranding of the former biotech-equipment maker was done to enrich the people who control the company. The shares had more than quadrupled to as high as $46.20 after the company changed its name from Bioptix Inc. in October and said it would focus on cryptocurrencies and blockchain startups. But the euphoria didn’t last long and the stock has lost more than half of its value since Bitcoin’s Dec. 18 peak, on concern the company isn’t doing much more than issuing press releases. CNBC raised a series of red flags, including Riot Chief Executive Officer John O’Rourke’s sale of 869,000 shares less