Story Filed: Tuesday, May 04, 1999 9:44 AM EST
NEW YORK CITY (May 4) BUSINESS WIRE -May 4, 1999--Fifth Avenue Communications, a Financial Public Relations firm, announced today that it has retained Internet Capital Corporation (ICC).
For more information about Fifth Avenue Communications contact Ed Williamson: (800) 992-6616 stocksfifthavenue.com e-mail: fifth@juno.com
For information about Internet Capital Corporation (ICC): Stephen Kern (323) 937-4022.
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SECURITIES REGULATION AND THE INTERNET (BULLETIN BOARD TRADING SYSTEMS):
The Wall Street Journal Interactive Edition recently ran a Heard on the Net
Column raising issues relating to a bulletin board trading system named the
People's Stock Network operated by Internet entrepreneur Stephen Kern. The
owner and operator of the site, Internet Capital Corporation, sought and
obtained a No-Action Letter from the U.S. Securities and Exchange
Commission before opening the site. See Internet Capital Corp., SEC
No-Action Letter, 1998 WL 9357, 1998 SEC No-Act. LEXIS 18 (S.E.C.) (Jan.
13, 1998). According to the column, not much trading takes place at the
site and many of the nineteen companies listed on the site claim that the
reason they have paid to be listed on the site is for advertising purposes.
Mr. Kern reportedly strongly denies that the People's Stock Network is an
advertising vehicle. If it were, it might run afoul of a statutory and
regulatory scheme that requires stock promoters that do promotional work
for companies to disclose adequately the nature and amount of their
compensation arrangements with the companies. See Jason Anders,
"Stock-Trading Site Takes On A Role Promoting Companies," Wall St. J.
Interactive Ed., Nov. 25, 1998,
interactive.wsj.com. To visit the
site in question, go to peoplestocknetwork.com.
cyberdefense.com |
