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Jacob Zamansky Comments on CNBC’s Investigation into Riot Blockchain

February 16, 2018 In The News

CNBC recently launched an investigation into Riot Blockchain, which until October was called Bioptix.  The company owned a veterinary patent and researched and developed new ways to test for diseases.  The October name change, followed by spike in share price from $8 to more than $40, caught the eye of the SEC.  Chairman Jay Clayton told Congress, “Nobody should think it is OK to change your name to something that involves blockchain when you have no real underlying blockchain business plan and try to sell securities based on the hype around blockchain.”  These drastic changes prompted Jacob Zamansky to express caution and warn investors, “With the absence of revenue on the company’s current financial statements, I would think investors need to be very cautious of a highly speculative stock with a lot of red flags.”

 

Click here to read the full article on CNBC (link to https://www.cnbc.com/2018/02/16/public-company-changes-name-to-riot-blockchain-sees-shares-rocket.html)

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