If you were to cook up a name for a company guaranteed to get attention at the moment then you couldn’t do much better than “ RocketFuel Blockchain . ” And if you wanted a prestigious bank to associate with that company, then Goldman Sachs would be at the top of your list.
Following the release on April 1 of a news release titled “Goldman Small Cap Research Publishes New Research Report on RocketFuel Blockchain, Inc.,” the penny stock surged by as much as 335% in four days. Several lines down is a notice that the research firm, which accepts payment for reports, “is not in any way affiliated with Goldman Sachs & Co.”
And the report’s subject, formerly known as B4MC Gold Mines Inc., and before that as Heavenly Hot Dogs Inc., doesn’t appear to have any revenue and maybe not even a product, based on litigation about a patent that expired. The report was written by an analyst who, while he appears not to have lit the world on fire at more-established firms, has an auspicious name: Rob Goldman. Neither Mr. Goldman nor RocketFuel Blockchain responded to emailed questions.
Fortunately today’s growth-stock investors, especially when they see the words Goldman and Blockchain, always read the fine print.
Write to Spencer Jakab at [email protected] Zoom.com