SAN DIEGO, May 7, 2013 (GLOBE NEWSWIRE) -- Private citizen, George Sharp, has named Graphite Corporation (OTCQB:GRPH) ("GRAPHITE") and Advanced Marketing Services LLC, a disseminator of email newsletters promoting the stock of overvalued companies, as additional defendants in an ongoing civil action for violations of California Business and Professions Codes 17529.5 (Anti-Spam) and the California Legal Remedies Act. The complaint identifies these defendants and others involved in a scheme allegedly to disseminate spam emails in order to artificially create a marketplace for the stocks of those companies at artificially high prices. The Complaint was filed by George Sharp in the San Diego County Division of California Superior Court (Case No. 37-2012-00101057-CU-NP-CTL) on July 23, 2012.
In his complaint, Mr. Sharp states that the Defendants deliberately used offshore promoters and/or advertisers to disseminate unsolicited emails, imploring him to buy GRAPHITE stock; and, in spite of multiple attempts by the Plaintiff to opt out of these unsolicited emails, the spam continued to be sent to his inbox. Under BPC § 17529.5, violators are subject to pay damages of up to $1,000 for each spam email to each recipient.
Mr. Sharp, expressed concern for investors in GRAPHITE stock, an issue that is currently undergoing a third aggressive promotion campaign, seemingly to divest insiders of stock, in what is commonly known as a Pump and Dump scheme. As virtually all of GRAPHITE stock was recently held by just a few individuals prior to the commencement of the first promotion campaign, Mr. Sharp fears that investors in that stock will see the kind of harsh losses typically realized as a result of such campaigns, and have already experienced under the previous GRAPHITE campaigns commenced last December and February, respectively. Since December 2012, investors in GRAPHITE shares have absorbed losses of as much as 80% of their initial investment, seemingly at the hands of insider dilution.
Updates to this litigation may be viewed by following Mr. Sharp's tweets at www.twitter.com/goniffs.
CONTACT: George Sharp email@example.comSource:George A. Sharp