Bingo Nation trading suspension
News on 15 Apr 2017
News on 15 Apr 2017
Interactive technology gaming provider Bingo Nation has reported that trading on its stock was suspended on April 12 by OTC Markets, with the following notification:
“We have … determined to label Bingo Nation, Inc. with Caveat Emptor at http://www.otcmarkets.com/stock/BLTO/quote as a warning to investors for the following reason:
“Promotion – The security is the subject of ongoing promotional activities having the effect of encouraging trading of the issuer’s securities in the OTC market. As a matter of policy, when it has come to the attention of OTC Markets that a security has been the subject of promotional activities, OTC Markets may at its discretion label a security “Caveat Emptor.” Promotional activities may include news releases, spam email, and newsletters, whether they are published by the issuer or a third party.”
The Securities and Exchange Commission issued the suspension order on April 12 “in the public interest and protection of investors” commencing April 13 and running through to April 27 noting:
“… concerns regarding (i) the accuracy and adequacy of publicly available information in the marketplace, including on Bingo Nation’s website and multiple third party promotional emails and articles relating to, among other things, the company’s existing capacity to generate near-term revenue provided on both Bingo Nation’s own website and, since at least March 20, 2017 through April 5, 2017, to multiple third party promotional emails and articles from different sources (at least one of which is also available on Bingo Nation’s own website); and (ii) potentially manipulative transactions in Bingo Nation’s common stock.”
The suspension order was issued whilst Bingo Nation management was attending the National Indian Gaming trade show in San Diego. Bingo Nation president and CEO David Matheson said in a company statement:
“We fully respect the SEC’s reasons for the Order and steps taken by OTC Markets to protect investors. We are vigorously taking steps to fortify the company’s public disclosure, cooperating with regulatory officials and pursuing legal advice on what other steps can be taken in Court against third party promoters to rectify the above mentioned concerns.”
