SAN DIEGO, Aug. 16, 2013 (GLOBE NEWSWIRE) -- Private citizen, George Sharp, today named Wild Craze, Inc. (OTCQB:WILD), as an additional defendant in an ongoing civil action for violations of California Business and Professions Codes 17529.5 (Anti-Spam). The complaint identifies WILD CRAZE and others involved in a scheme allegedly to disseminate spam emails in order to artificially create a marketplace for the stocks of those companies at artificially high prices. The Complaint was filed by George Sharp in the San Diego County Division of California Superior Court (Case No. 37-2012-00101057-CU-NP-CTL) on July 23, 2012. Two of the defendants including Premier Brands, Inc (OTCQB:BRND) have already been liable for the Pump & Dump scheme.
In his complaint, Mr. Sharp states that the Defendants deliberately used offshore promoters and advertisers to disseminate unsolicited emails, veiled as newsletters with names such as "Stock Castle", "Wall St. Penny Advisors", "Obscure Stocks" and "Hottest Penny Stocks" imploring him to buy WILD CRAZE stock; and, in spite of multiple attempts by the Plaintiff to opt out of these emails, the spam continued to be sent to his inbox. Under BPC § 17529.5, violators are subject to pay damages of up to $1,000 for each spam email to each recipient.
Mr. Sharp expressed concern for investors in WILD CRAZE stock, an issue that is currently undergoing the same aggressive promotion campaign that has already decimated investors in schemes promoted by these newsletters. The campaign seemingly seeks to divest insiders and/or financers of stock, in what is commonly known as a Pump and Dump campaign. Mr. Sharp fears that investors in that stock will see the kind of harsh losses typically realized as a result of such campaigns.
Mr. Sharp commented, "I contacted Wild Craze's attorney, Joseph Lucosky, and implored him to get his clients to publicly disavow the promotional spam emails in order that I could avoid adding the company to this litigation. In spite of denying any knowledge of the promotion, the company expressly refused to comply with my request at this time, even though they acknowledged that investors could get hurt."
Mr. Sharp cautions investors not to invest in penny stocks promoted through email advertisements, as these are almost always devious attempts to separate innocent investors from their savings, by selling worthless or near-worthless stock at heavily over-inflated prices. Mr. Sharp suggests exercising careful due diligence by examining company regulatory filings, including financial statements, found at SEC.gov and OTCmarkets.com. Mr. Sharp also recommends popular websites, PumpsAndDumps.com and PromotionStockSecrets.com as sources of due diligence and promoted stock trading analysis.
Updates to this litigation may be viewed by following Mr. Sharp's tweets at www.twitter.com/goniffs.