Litigation Release Number 25589/December 9, 2022
Securities and Exchange Commission, In Ovations Holdings, Inc. and Mark Goldberg, Case No. 1:18-cv05026 (E.D.N.Y. filed on September 5, 2018).
On November 2, 2020, the United States District Court for the Eastern District of New York rendered a final judgement against In Ovations Holdings, Inc. “INOH”), a Colorado corporation headquartered in Wabbaseka, Arkansas.
SEC Complaint filed on September 5, 2018 alleged that between 2014 and 2015, Ovations, its former CEO Mark Goldberg, issued false press releases in order to mislead investors into buying Ovations shares. Goldberg was alleged to have received around $250,000 from stock promoters for his participation in the false press releases.
The final judgment against Ovations forbids the company to violate the antifraud provision of Section 10(b), Securities Exchange Act of 1935 and Rule 10b-5. Ovations must also pay a $150,000 civil penalty.
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Goldberg has been found guilty of a separate, final judgment on 6 October 2022 (LR no. 25559).
The SEC thanks the U.S. Attorney’s Office of the Eastern District New York for its assistance.
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SEC
Securities and Exchange Commission is the regulatory agency that enforces and oversees securities laws in the United States. Its primary function is to protect investors and maintain fair, efficient, and transparent markets. The SEC accomplishes these goals through various activities such as the registration and regulatory of securities, enforcing conformity with securities laws, monitoring and assisting investors, and providing educational and assistance. The SEC has a vital role to play in promoting integrity, transparency, and stability within the securities industry. This protects the interests and promotes confidence of investors.
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