March 29, 2022
Jackie Reses, PSTH board member, has on two occasions \"liked\" tweets that linked PSTH with Stripe and or Plaid. Not only did she never deny the rumor, she helped to create it. This is a violation of SEC exhibit 5.
https://www.sec.gov/rules/sro/nyse/2015/34-75809-ex5.pdf
The tweets strongly suggested PSTH would merge with the companies Plaid/Stripe. (This fueled the mania that existed at the time, and helped to actually create it)
Naturally, this pumped PSTH some and caused some investors to lose money when it came out that PSTH was merging with UMG.
One time occurred in April 2021 and the other in June 2021. Of course, UMG and PSTH were already either in discussions at these times or legally involved with them.
Nonetheless, she did it anyway.
The third tweet in October she liked said, besides from the image of fellow PSTH board member Michael Ovitz PSTH will increase by 200-300%.
The PSTH warrants and options flew, and then they summarily died - obviously.
Bill Ackman says DA will occur by 1st quarter-end, 2021. Then he says it won't two days before it ends.
Fair enough I suppose, why can't a CEO lie to its investors publicly, right?
Ackman said, \" we do not intend to make any announcements about PSTHs transaction progress until we enter into a definitive agreement. 3/29/21
Then he of course does, make announcements about the DA progress (though prior to the DA) on May 12, 2021. \"is deeply engaged\" in a transaction that could close in the next few weeks.
Of course, PSTH was actually not in a DA with UMG with UMG until June 20, 2021.
https://www.sec.gov/Archives/edgar/data/0001811882/000119312521194557/d194884dex991.htm
Again though, I guess the CEO can say what he wishes about PSTH to make the price higher, and not actually be held to it, right?
DO NOT PERMIT SPARC, these are just examples of how these people have worked to cause their investors harm.
They openly violate the SEC laws.
Why would SPARC be any different?
Stop them, please.