otcmarkets.com (aka Pink Sheets) does nothing to verify that information provided by companies is accurate. They issue market tiers such as "Current Information" based only upon perfucntory filing of a disclosure statement that provides some sort of answer to all of the questions on their form, unaudited financial statements and an attorney opinion letter.
Companies can achieve the "Current Information" tier even if they provide false disclosure and financial information as long as they can get an attorney to issue an opinion that the information is current and accurate. Unfortunately, there are many attorneys willing to issue unsupportable opinions in exchange for stock in the companies for which they have provided opinions (likely at a steep discount) or other compensation.
Many of these attorneys have ties to the "investor relations" firms used by the companies for which they provide opinions. Several such attornies have been sued and sanctioned by the SEC, but the investor losses caused by reliance on their false opinions never seems to be a factor in their ultimate penalty, which is usually just a sanction to not commit futher securities violations. I don't recall ever seeing financial penalties for past wrong doings (i.e. false opinion letters). It seems extremely rare IMO that such firms are even estopped from from writing any future opinion letters on penny stock companies.
Until the penalties for attorneys who issue false or unsupportable opinion letters are increased, it seems there will always be some willing to provide an opinion for a price. That means that the Pink Sheets "tier" system can easily by compromised.
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