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The Wall Street Journal: Neuromama saga is a cautionary tale for wannabe penny stock investors

WASHINGTON — U.S. securities regulators raised numerous red flags about a thinly traded company based near Tijuana, Mexico, for more than two years before suspending trading this week as the firm’s value soared to exceed $35 billion.

The Securities and Exchange Commission, in eight letters sent to Neuromama Ltd. NERO, -0.44% in 2014, questioned what the regulator called the company’s “vague” claims that it had developed a platform “containing all of the popular components used by a majority of the population on the Internet.” Also, Neuromama withdrew a statement that it planned to earn $3.5 million from a jazz television program after the SEC questioned why the company wasn’t sure when the show “will actually appear on the air.

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