Pershing Gold Corp fka PGLC

[Talldude]

Seeking Alpha Sued by Billionaire Investor ((Einhorn))

ABC News Reports

CORONA, Calif., March 11, 2014 /PRNewswire/ -- AVT, Inc. (OTC Markets: AVTC) (www.autoretail.com), a leader in custom vending machines and micro stores, commented today on the ABC News report that billionaire David Einhorn's Greenlight Capital has filed a lawsuit against Seeking Alpha Inc.


Seeking Alpha is a website where bloggers can give "investment advice" that suits their personal agenda. These "advisors" are unregulated and can write whatever they desire with almost no oversight. Some write about companies in which they may have an undisclosed short position, or may own shares in another company in the same sector, may have been compensated for their story, or may be attempting to steer readers toward their personal fund.


No obligation to consumers
Shiyan Koh, vice president at personal finance website NerdWallet, cautioned consumers about material posted on Seeking Alpha:

"Seeking Alpha's independent contributors who write their views have no obligation to consumers about whether that advice or recommendation is best for them and their situation," Koh said. "Consumers should take what they read with a grain of salt."

An article in The Deal Pipeline, recently profiled this problem: "Paid stock promotions, masquerading as investment opinion articles and blogs, have been popping up on the company news pages of Yahoo! Finance, the stock research website Seeking Alpha and, some observers suspect, on the website of Forbes magazine," the article stated. "Promotions whose authors are not identified or who don't disclose their compensation, or that are not grounded in fact, can under SEC regulations, be illegal."


To read the ABC News story, visit: ABC News link

-----------------
This close association between S.A. and PGLC is a matter which has reared its head earlier on this forum.

Interesting to see someone with financial clout take on S.A. acc'd to this AM's PRN-filed story. I have always taken with an entire ship's hold amount of salt ANY S.A. "op blog contributions/write-ups" when said "author" refuses from the git-go to voluntarily disclose compensation from company OR existing positions --long or short-- for benefit of readers who wish to draw their own conclusions about obvious bias in submitted blogger upload onto S.A.

Serously doubt Einhorn needs the money if this is just a nuisance suit....