And the truth reveals itself one more time! IMMG was just one more in a long line of pump and dumps using paid promotions on sleazy websites to find buyers for essentially worthless shares.
Didn't take the SEC anywhere near the 28 month average to file charges. A pleasant surprise.
"According to the SEC's complaint filed in U.S. District Court for the Southern District of New York on April 26, 2017, Wensheng Lin and Sheng Li Chen acquired over 8.4 million shares of Immage Biotherapeutics Corp. (IMMG) at $0.0037 per share, or just over $31,000. Lin and Chen allegedly sold their shares for as much as $1.4745 and $1.1286 per share, collectively earning net profits of more than $1.8 million. According to the SEC, no registration statement was filed or in effect covering Lin's or Chen's sales, and no exemption from registration was available.
Also according to the SEC, the majority of Lin and Chen's profits derived from sales that occurred after promotional websites began touting IMMG. The SEC alleges that the touting claims on those promotional websites were, at a minimum, materially misleading."
I am sure this has been an expensive lesson for a lot of people who got sucked into this stock through that paid promotion. Hopefully they will learn to never EVER believe paid promotions at face value. Always read the SEC filings FIRST. And if what is included in the filings doesn't match what is in the paid promotions, RUN AWAY!
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