Erwin Vahlsing, the company's chief financial officer, said he asked the SEC to stop the trading of ICOA stock.
But many news outlets, including the Associated Press, reported on the deal and had to retract their stories.
ICOA shares are listed on an over-the-counter market called OTC Pink. The stock trades for less than a penny, but the false news caused it to briefly spike from $0.0001 to $0.0004.
The SEC declined to comment.