Luther Campbell's Luke Entertainment Group Goes Public on Pink Sheets, Not Nasdaq

I recently received a press release stating that:
Luther Campbell today announced the creation of the Luke Entertainment Group (www.lukeentertainmentgroup.com), a multi-media company that will be operated on the NASDAQ pink sheets symbol (LKEN).

I declined to run it at Hip Hop Press because of the obvious inaccuracy.  The NASDAQ exchange has nothing to with Pink Sheets or other Over The Counter means of trading so-called "penny stocks" that do not trade on the major exchanges.

Since I hadn't heard back from my follow-up note, I decided to see who picked this up as is and the first result was XXLmag.com, one of many reputable publications to make this easily made mistake, one that is also indicative of how inaccuracies in press releases from major pr agencies become news items in legitimate outlets.

The accurate symbol for Luke Entertainment, Inc. is LKEN.PK and it trades on the Pink Sheets.

Unfortunately there are many legitimate reasons to avoid these stocks due to the nature of the markets in which they trade in addition to the issue of properly analyzing companies that reveal little internal data.

No advice here except to educate yourself if you're involved with any stock market.  And, if you do go public, make sure that your press releases are accurate about all statements related to your company's status.  You don't want to take a backdoor route to an SEC violation!

Official Site:
Luke Entertainment Group

Comments

[J. Jesus Ruiz]

that Texas dude Wine-O also had a pink sheet ipo. Do you see this becoming the trend in the next say 10-15 years as hip hop matures? or is hip hop not ready for this? is it worth it to list? There is really not that much overhead except for promotions in hip hop...

[Clyde Smith]

The Hip Hop Soda Shop is a pink sheet or bulletin board stock and the Hip Hop Grub Shop will probably also be.

There are some others that have labels associated with them.

I think it's kind of an ongoing thing in any business where folks see an advantage to such a listing. But there do seem to be a growing number popping up recently associated with hip hop so we'll see.

[Slav]

"Penny stocks" are a joke and a marketing gimmick. While I respect XXLMag.com, I wouldn't go as far as to say it's a legitimate outlet for anything business-related. I wouldn't say that for all Hip-Hop mags and sites. Music journalism, cultural criticism is what they are about, but Wall Street Journal or even Fox News they are not. With press releases like this one, it's best to trash.

[Clyde Smith]

Slav, I'm just trying to practice saying nice things about XXL in case I ever have a good reason to!

[Slav]

I don't know whether to LMAO or SMH in response to your comment above.

[Clyde Smith]

A little of both is probably appropriate which is why, at the end of the day, I'm a blogger, not a journalist.

Actually, I wouldn't have used XXL as an example if they weren't first just because it would look like I'm picking on them. But they were the most prominent example and were at the top of the Google results for my search.