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by Mike Caswell
The B.C. Securities Commission has begun administrative proceedings against investor relations company Stock Social Inc. and its principal, West Vancouver's Kyle Alexander Johnston, for multiple disclosure failures in its advertising. The BCSC claims that Stock Social posted favourable material on-line for several companies, but did not clearly state that the postings were disseminated on behalf of the companies. Mr. Johnston also arranged for several social media "influencers" to promote the stocks, the BCSC claims.
The allegations are contained in a brief notice of hearing that the BCSC released on Tuesday, Sept. 28. In addition to Mr. Johnston, the BCSC has named five public companies as respondents as well as representatives of those companies. The companies are Bearing Lithium Corp., Hello Pal International Inc., ImagineAR Inc., MGX Minerals Inc. and Phivida Holdings Inc.
The case centres around investor relations work that Stock Social did for the five companies between August, 2016, to March, 2018. It prepared advertising that went out through several websites, generally written in the style of a news article, the BCSC says. The material appeared on Stock Social's website and other sites affiliated with it, according to the hearing notice.
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