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An early investor in the cannabis industry who helped take MassRoots (OTC: MSRT) and American Cannabis Company (OTC: AMMJ) public has been sued by the SEC for alleged stock price manipulation. Doug Leighton, co-founder and principal partner at Altar Rock Capital (formerly Dutchess Capital), according to the lawsuit, directed a group of investors in MassRoots stock when and how much to buy and sell and also failed to report his holdings and sales of the stock, as legally required. The complaint also named Bass Point Capital and Azure Capital, two limited-liability companies controlled by Leighton, and Michael Sullivan, David Hall, Zachary Harvey, Paul Dutra, Jason Harman and Jessica Geran.
The SEC alleges that Leighton recruited a group of friends to invest in a private placement prior to MassRoots going public that raised $475K with the defendants buying almost 90% of the stock sold. According to the complaint, Leighton began to promote the stock before it was publicly traded and, subsequent to going public, then meticulously orchestrated buying and selling by the group members through the use of emails, text and in-person communications. Additionally, the regulator alleges that SEC rules required Leighton to report the holdings of the entire group, which he failed to do.
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A Massachusetts financier arranged to bring public a cannabis social-media company and then manipulated trading in its stock so he could unload his shares, a complaint by the Securities and Exchange Commission alleged last week. Douglas H. Leighton and a group of friends made more than $3 million when they later sold their shares of the stock,
The 51-year-old Leighton and his six co-defendants agreed to settle the SEC fraud charges, without admitting or denying them, by paying about $1.5 million in disgorgement and penalties. Subject to approval by the federal court in Boston, the agreement calls for Leighton to be barred from the securities industry, from holding office at a public company, or from trading in penny stocks.
In 2015, according to the SEC, Leighton directed Michael Sullivan and Zachary Harvey, who are now two other officers of ACK Natural, as well as several other people to manipulate MassRoots stock by making open-market purchases at specific volumes and prices to make it look like active trading and increase the MassRoots stock. Sullivan also allegedly used two broker dealers to further drive up prices, according to the SEC.
The three, as well as other investors involved, settled with the SEC. Leighton was barred from serving as the director of a public company and Sullivan was barred from trading in penny stocks, but apparently that information was not provided to the Cannabis Control Commission until the commission asked for it.
But why would a company want to be publicly listed in the first place There are several reasons, most of which only apply to a company that is listed on a major stock exchange (e.g., the prestige of being a public company or additional liquidity), but the primary reason offered for becoming an OTC-traded company is that it allows the company a way to increase the amount of capital it can raise and offers existing equity-holders greater liquidity. With limited exceptions, a private company can only freely sell its securities to accredited investors (i.e., institutions or people who meet certain income or asset thresholds). And, prior to the JOBS Act, private companies were prevented from any kind of widespread public advertising (which they can now engage in, but only if they take steps to ensure only accredited investors purchase the equity for sale). A publicly registered company, in contrast, is largely free to offer and sell its stock to all interested parties, regardless of whether they are accredited. It is also far less restricted in its ability to advertise the fact that its stock is for sale.
With some exceptions, most cannabis OTC stocks have minimal analyst coverage, if any coverage at all. Most major companies that are publicly traded, in contrast, are studied regularly by analysts, who frequently publish reports about the status and direction of the companies they cover. Academic literature has shown that analyst coverage can decrease informational gaps between investors and management of companies. But if no one is covering an OTC stock, then shareholders must either study the company themselves or risk being left in the dark about the condition of the company. In addition, many institutional investors do not invest in OTC stocks, so the investor base of an OTC company will have far fewer, if any, institutional investors, and more retail (i.e., ordinary individual) investors. This means that holders of OTC stocks, absent the benefits of analyst coverage, cannot count on their fellow shareholders to be sophisticated or committed to monitoring the company either. OTC investors must often do their own due diligence on the companies in question.
This is not to suggest that all OTC stocks are scams or even poor investments. But investors need to be particularly careful when evaluating these types of stocks and should be aware that not all publicly traded stocks are the same.
Charles Alovisetti is a senior associate and co-chair of the corporate department at Vicente Sederberg LLC. Prior to joining Vicente Sederberg, Mr. Alovisetti worked as an associate in the New York offices of Latham & Watkins and Goodwin where his practice focused on representing private equity sponsors and their portfolio companies, as well as public companies, in a range of corporate transactions, including mergers, stock and asset acquisitions and divestitures, growth equity investments, venture capital investments, and debt financings. In addition, Mr. Alovisetti has experience counseling portfolio and emerging growth companies with respect to general corporate and commercial matters and all aspects of compensation arrangements, including executive employment and consulting agreements, stock option plans, restricted stock plans, bonus plans, and other management incentive arrangements. Mr. Alovisetti has experience in both U.S. and cross-border transactions, and has advised clients across a range of industries including cannabis, technology, manufacturing, software, digital media, energy and clean tech, healthcare, and biotech. He holds a Bachelor of Arts, with honors, from McGill University and a law degree from Columbia Law School, where he was a Harlan Fiske Stone Scholar. Mr. Alovisetti is admitted to practice in both Colorado and New York and is a Level One Interprener.
Last year MassRoots employed more than 30 full-time staff members at its Denver headquarters. Most recently, it was down to six, plus four contractors. In the third quarter of 2017 the company posted a net loss of $7.08 million, more than double its losses from the same period in 2016. MassRoots saw its over-the-counter stock (MRST) plunge from $7 in April 2015 to 11 cents by mid-November 2017. It staggered back to 31 cents by Dec. 13.
In the coming weeks, the Company intends to apply to uplist to the Nasdaq Capital Market or the NYSE American Market, which MassRoots believes would result in a significant increase in visibility, liquidity, and institutional interest for its stock.
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements about expected closing of Empire acquisition, the future revenues of the Company, the appointment of new directors, and the listing on a senior exchange. These statements are identified by the use of the words \"could,\" \"believe,\" \"anticipate,\" \"intend,\" \"estimate,\" \"expect,\" \"may,\" \"continue,\" \"predict,\" \"potential,\" \"project\" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in our filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Dietrich founded the company and has helped raise over $20 million for it. He is well-liked within the cannabis industry but had recently come under suspicion of stock promotion. There were questions surrounding some stock promotions near the time of a company town hall this past summer, but Dietrich denied any knowledge of the promotions. One stock promoter, who asked not to be named, disputed the denial and said he did take money for the promotion. Just last week, MassRoots paid $13,000 to Small Cap Leader and $5,000 to Stock Commander for newsletter promotions. These latest instances came the week before the board meeting. 59ce067264
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