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Despite the challenges posed by COVID-19, 2020 saw an eruption of IPOs by special purpose acquisition companies (SPACs), used to raise nearly $79 billion from investors.
The Wall Street Journal reports that the trend is continuing in 2021, already averaging five new SPACs each business day. A surge in related litigation has already begun, and it can be expected to grow and become a feature of SPAC deals throughout 2021.
SPACs are publicly traded companies created as vehicles to take promising private companies public. A SPAC offers securities for cash, and places the offering proceeds into a trust or escrow account to be used to acquire one or more operating companies. After the IPO, the SPAC generally has a limited amount of time to identify acquisition targets. SPACs sometimes are called “blank check companies” because their investors give management discretion to identify and acquire private companies after the
FOR IMMEDIATE RELEASE Washington D.C., Jan. 27, 2021
The Securities and Exchange Commission today charged Vuuzle Media Corporation, a purported online live streaming and entertainment company, and its founder Ronald Shane Flynn (a.k.a. Ronnie Shane) with fraudulently offering over $14 million in securities to investors across the United States using an aggressive boiler room sales scheme.
The SEC’s complaint alleges that between 2016 and 2020, Vuuzle and Flynn raised more than $14 million from individual investors using a boiler room of salespeople employing high-pressure tactics, based primarily in the Philippines. According to the complaint, Vuuzle and Flynn promised investors that Vuuzle was a legitimate and growing company and a “pre-IPO” investment opportunity when in fact Vuuzle has never made a profit and has never made a public offering on any stock exchange. As alleged, only a small fraction of investor funds went towards the online streami
SEC Charges Vuuzle Media Corp. And Affiliated Individuals In Connection With $14 Million Offering Fraud Date
27/01/2021
The Securities and Exchange Commission today charged Vuuzle Media Corporation, a purported online live streaming and entertainment company, and its founder Ronald Shane Flynn (a.k.a. Ronnie Shane) with fraudulently offering over $14 million in securities to investors across the United States using an aggressive boiler room sales scheme.
The SEC’s complaint alleges that between 2016 and 2020, Vuuzle and Flynn raised more than $14 million from individual investors using a boiler room of salespeople employing high-pressure tactics, based primarily in the Philippines. According to the complaint, Vuuzle and Flynn promised investors that Vuuzle was a legitimate and growing company and a “pre-IPO” investment opportunity when in fact Vuuzle has never made a profit and has never made a public offering on any stock exchange. As alleged, only a small fractio
from the Securities and Exchange CommissionThe Securities and Exchange Commission updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 28 soliciting entities, three impersonators of genuine firms, and six bogus regulators.
<p><span>The Securities and Exchange Commission today announced that it updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 28 soliciting entities, three impersonators of genuine firms, and six bogus regulators.</span></p>