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SEC halts Spriza, questions disclosure

2015-03-05 11:33 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-SPRZ) Spriza Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has halted Spriza Inc., a Calgary company that went to a $2 high in February after claiming to be the "Google search engine" of contests. (All figures are in U.S. dollars.) The company said it had hosted campaigns for Willie Nelson, the NFL, GoPro and others. The SEC, however, says there are questions about the company's business relationships.

The suspension comes after a flurry of activity that has seen Spriza go from a company that barely traded just months ago to one that hit a $2 high on Feb. 12 with volume of 437,601 shares. Fuelling this promotion has been the company's news about its website, which it touted as having the potential to draw millions of users. There was also a predictably optimistic paid tout sheet that, among other things, said comparable companies sell for around $1-billion.

With the halt, the SEC has placed the company's claims in considerable doubt. The order of suspension, issued on Wednesday, March 4, cites a "lack of current and accurate information ... because of questions regarding the accuracy of assertions by Spriza Inc." The SEC does not specify what these assertions are but says they are in regard to business relationships the company disclosed in a Feb. 6, 2015, news release.

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