Imagination TV Inc. (IMTV)

[charlina]

I found this on another board, thanks Sharktnk for posting. does this mean SS could be held liable??

Moreover, it doesn't apply to penny stocks anyway. The more astute will put a disclaimer to their disclaimer on the order of ....

As an issuer of “penny stock,” the protection provided by the federal securities laws relating to forward looking statements does not apply to the Company.

Although federal securities laws provide a safe harbor for forward-looking statements made by a public company that files reports under the federal securities laws, this safe harbor is not available to issuers of penny stocks. As a result, the Company will not have the benefit of this safe harbor protection in the event of any legal action based upon a claim that the material provided by the Company contained a material misstatement of fact or was misleading in any material respect because of the Company’s failure to include any statements necessary to make the statements not misleading. Such an action could hurt our financial condition.



Here's the law for the adamant:
https://www.law.cornell.edu/uscode/text/15/77z-2

It's been abused for as long as I can remember