19:10:02 EDT Wed 05 Aug 2020
Enter Symbol
or Name

SEC halts Vancouver-linked Imogo Mobile Technologies

2014-02-20 11:31 ET - Street Wire

Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
Also Street Wire (U-IMTC) Imogo Mobile Technologies Corp

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The U.S. Securities and Exchange Commission has halted Imogo Mobile Technologies Corp., a Vancouver-linked OTC Bulletin Board company that went to 83.8 cents from four cents in a five-week span earlier this year. The SEC says there are questions about the accuracy of publicly available information on the company's business, revenue and assets. The regulator has provided few specifics, but a recent paid tout sheet boasted that the company was developing software that could rival that of Microsoft Corp.

The halt comes about three weeks after Imogo suddenly began trading heavily. The stock went to an 83.8-cent high on Feb. 3, 2014, up from four cents on Dec. 27, 2013. Daily volumes rose into the millions, with the stock trading 6.7 million shares the day after its 83.8-cent high.

Around the same time, a paid tout sheet called the Wall Street Revelator strongly urged investors to buy the company. The sheet, dated Winter 2014, contained nonsense typical of such publications, beginning with bold print stating that Imogo could "eat Microsoft alive!" The sheet said Imogo had products that rivalled those of Microsoft, and that the company is "poised to unleash a full frontal assault on Microsoft." The report assigned Imogo a long-term target price of $21. In the fine print at the bottom, the Wall Street Revelator said an entity called Fenvo Enterprises Ltd. paid $3-million for advertising, plus $10,000 to the Wall Street Revelator's editor, Andrew Carpenter.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2020 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.

The reason it was halted.


Posted by Pumps & Dumps at 2014-02-20 17:35

Comments for this item are closed