Cycurion Inc. (NASDAQ:CYCU) said a press release circulating about a supposed $150 million acquisition agreement was fraudulent and not authorized by the company. The cybersecurity firm, based in McLean, Virginia, added that the statement also listed a fictitious investor relations contact.
According to the company, its shares traded in a volatile range between roughly $1.00 and $2.40 amid market activity linked to the misleading information. Cycurion said it has notified FINRA and Nasdaq MarketWatch and is cooperating with their ongoing reviews.
The company also said it has obtained court-issued subpoenas for two individuals allegedly involved in distributing false information online. In addition, Cycurion has retained litigation counsel to pursue potential legal action related to suspected short selling and market manipulation. Management noted that it is also aware of other attempts to spread inaccurate or defamatory claims through emails and online platforms.
“We remain fully committed to transparency and delivering value to our shareholders,” said CEO Kevin Kelly. “Our fundamentals are strong, with a verified contracted backlog of $112.4 million and continued progress on strategic initiatives.”
Cycurion said it continues to win contracts with federal government agencies and enterprise customers. The company also noted that its acquisition pipeline includes opportunities that could support future growth by integrating targets into its core platform.
The company urged investors, media organizations and the public to disregard the unauthorized announcement and rely only on information released through its official communication channels. Cycurion provides cybersecurity services and operates subsidiaries including Axxum Technologies LLC, Cloudburst Security LLC and Cycurion Innovation Inc.