Question And Answer On TOMO Trades
We have a specific question and a specific answer in regards to the stock Tom Online which is a wireless internet company that provides multimedia products and services. The question--from Richard in New York--concerns when the stock was halted from trading:
Hey guys, first let me say thank you for the contest. I think is great to see the best ideas come from all over the country. My question was on the stock "TOMO". On March 2nd the stock was halted from trading "pending news" which we knew was a takeover offer. Now, the contest started the 5th. But the stock was not released from being halted the whole week until the 12th, this week.
I know the rules of the contest are not clear, but if the stock had been halted from before the contest started and was released on the 12th, no trade on that stock should be legitimate before the 12th when it was released. Therefore everyone who had the stock on Friday the 9th or before should have their trades on TOMO cancelled.
Please reply and let me know if my assumption is correct.
Thanks in Advance
New York Rules
Here is the answer:
We apologize for any inconvenience, but CNBC received inconsistent information as to when TOM Online halted, which is a potential issue related to ADRs. Corporate actions, such as haltings, can not be processed without certainty. Accordingly, trades that were executed between 3/5 and 3/12 will be honored.
We want to hear from you. Send your comments to email@example.com. For specific contest comments dealing with issues like technical questions or registration problems, please contact firstname.lastname@example.org.