As reported in recent news articles, the United States Securities & Exchange Commission (“SEC”) has been conducting a non-public and confidential inquiry in order to determine whether Jammin Java Corp (OTC Bulletin Board: JAMN) (“Jammin”), and any party affiliated or unaffiliated with Jammin, has violated the federal securities laws by participating in an unlawful “pump and dump” scheme to artificially inflate Jammin’s stock price. Neither Jammin, nor anyone affiliated with the company, has participated in any “pump and dump” or other unlawful scheme designed to unlawfully inflate the company’s stock. Jammin expressly repudiates any such fraudulent conduct and strongly condemns any unlawful activity.
In May 2011, Jammin became aware that unauthorized internet stock promoters were promoting short term investments in the company’s stock in “stock reports” and on their websites. As stated in Jammin’s May 6, 2011 Form 8-K, Jammin has no knowledge of, or affiliation with, these stock promoters. As a result, neither Jammin, nor anyone affiliated with the company, authorized, paid for or approved any stock report, advertisement or promotion of the company’s stock. Any information regarding Jammin that is authorized by the company and approved for public distribution will be issued by Jammin itself through periodic filings with the SEC and/or through an authorized press release.
In connection with its inquiry, the SEC has asked Jammin to provide certain information and documents. Jammin has responded to the SEC’s requests and is otherwise fully cooperating with the SEC inquiry. In addition, pursuant to its own internal investigation performed by its outside counsel, Jammin has not found any evidence indicating that anyone associated with Jammin has been involved in an illegal stock promotion scheme or any other fraudulent activity.
The Chairman of Jammin’s Board of Directors, Rohan Marley, states the following: “Jammin Java Corp. strongly condemns any activity that runs afoul of the securities laws and fair and honest dealing. We have fully cooperated with the SEC investigation and hope to see any wrongdoers identified and prosecuted to the fullest extent of the law. We care deeply about our shareholders and will defend them and the company against any activity that threatens our reputation and shareholder value. We expect the hard-work of our team and the quality of our product to be the only catalyst in the growth of our stock price over time.”
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