×

Private Investor Adds African Copper Corporation as Defendant to Lawsuit Naming Xumanii and Publishers of "Awesome Penny Stocks" and "Select Penny Stocks" as Violators of Anti-Spam Laws to Further Pump and Dump Schemes

SAN DIEGO, June 28, 2013 (GLOBE NEWSWIRE) -- Private citizen, George Sharp, has added African Copper Corporation (OTCQB:ACCS) as a Defendant in a civil action for violations of California Business and Professions Codes 17529.5 (Anti-Spam). The complaint alleges that the defendants engage in a scheme to disseminate spam emails in order to create a marketplace for the stocks of worthless or near worthless companies at artificially high prices. The Complaint was originally filed by George Sharp in the San Diego County Division of California Superior Court (Case No. 37-2013-00048310-CU-MC-CTL) on May 13, 2013.

Also named as defendants in the case are: Degroupa Tenner Morales Media Corp. and Centro Azteca S.A., the publishers of the Awesome Penny Stocks series of newsletters and newsletter publisher, Victory Mark Corp Ltd. Several companies promoted by the newsletters were also identified as defendants, including: Xumanii (OTCQB:XUII).

In his complaint, Mr. Sharp states that the Defendants employed devious and deceptive tactics, including using offshore email servers in order to hide the true source of spam emails, in their quest to conduct stock fraud, in what is commonly known as a "Pump and Dump" scheme. Many of the emails distributed doctored up, phony analyst projections of outrageous price targets, none of which have ever been close to being achieved.

Mr. Sharp, expressed concern for investors in African Copper Corporation and Xumanii stock, the current subjects of just such a Pump and Dump scheme perpetrated by these defendants. As virtually every share of these companies was held by just a few individuals prior to the commencement of the current promotion campaign, Mr. Sharp fears that investors stock will see the kind of harsh losses typically realized as a result of such campaigns. Mr. Sharp alleges that hundreds of millions of dollars have been lost by investors in schemes concocted by these defendants.

Mr. Sharp cautions investors not to invest in penny stocks promoted through email advertisements, as these are almost always devious attempts to separate innocent investors from their savings, by selling worthless or near-worthless stock at heavily over-inflated prices. Mr. Sharp suggests exercising careful due diligence by examining company regulatory filings, including financial statements, found at SEC.gov and OTCmarkets.com. Mr. Sharp also recommends popular websites, PumpsAndDumps.com and PromotionStockSecrets.com as sources of due diligence and promoted stock trading analysis.

In an attempt to stem the tide of inquires he is receiving, Mr. Sharp advises parties interested in seeking reimbursement for losses incurred due to these nefarious schemes, to contact legal counsel, as he is unable to add additional plaintiffs to his litigation.

Mr. Sharp holds no interest in any of the stocks mentioned and has never, ever shorted the stock of any company.

Updates to this litigation may be viewed by following Mr. Sharp's tweets at www.twitter.com/goniffs and www.awesomepennyscams.com

CONTACT: George Sharp george@clippercp.comSource:George A. Sharp