Cycurion Inc. (NASDAQ: CYCU) said an unauthorized press release claiming a $150 million acquisition agreement was false and issued without company authorization. The McLean, Virginia-based cybersecurity firm said the fabricated release included a fake investor relations contact.

The company's shares traded between approximately $1.00 and $2.40 during volatility that appeared connected to the false information, according to the statement. Cycurion notified FINRA and Nasdaq MarketWatch and said it is cooperating with their reviews.

Cycurion said it secured court-issued subpoenas for two individuals involved in spreading false information online and engaged litigation counsel to pursue remedies related to possible short selling and stock manipulation. The company said it is aware of other efforts to disseminate false or defamatory information through emails and online channels.

"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."

The company reported it continues to secure contracts with federal agencies and enterprise clients. Cycurion said its pipeline of potential acquisitions presents opportunities for growth through integration with its core platform.

Cycurion advised investors, media and the public to disregard the unauthorized release and rely exclusively on communications from verified company channels. The company provides cybersecurity solutions and operates subsidiaries including Axxum Technologies LLC, Cloudburst Security LLC and Cycurion Innovation Inc.