Why are so many people complaining to ME about ROK? Find out in an exclusive ME investigation...
In recent weeks, ME has published a number of news stories relating to ROK Entertainment Group Incorporated – and each one has prompted a wave of calls and emails to ME demanding further investigation of the company’s activities.
Indeed, some of the comments posted on the website have been so abusive we’ve had to disable them.
Clearly, emotions are running high against the UK supplier of mobile TV and video services. So, ME decided to follow up.
We’ve spoken to a number of former suppliers, employees and shareholders, and the directors of companies bought by ROK. Many claim to be owed substantial sums of money.
We’ve also uncovered some intriguing financial facts such as:
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• ROK has not filed accounts since summer 2008. Its June 2008 SEC filings showed company’s sales of $1.032 million and a net loss of $20.88 million.
• ROK is no longer listed on the US ‘OTC’ exchange. The firm chose to go ‘delinquent’ and downgrade from an OTC listing to the so-called ‘Pink Sheets’ in 2008.
• The company put three ROK subsidiaries into a pre-pack administration in October 2008. These companies owed over £20 million (mainly in intercompany loans to the new ROK US entity), but were bought for £25,000 by a new ROK company, ROK Investments.
• It renamed these companies just weeks before closing them. Thus, ROK Entertainment Group Limited became Brenten Services, ROK Media became Brenten Trading, ROK Productions became Brenten Ltd and ROK Corp became Brenten Industrial
• ROK became a US company in 2007, and its initially positive outlook impressed investors enough to drive the share price up to $28 by March 2008. This valued the company at $700 million. However, the high valuation didn’t last – and by December 2008 the shares had plummeted to $0.01, for a total valuation of $5 million. At time of writing they hover around $0.1.
ROK has defended itself from negative allegations made against it, claiming they come from disgruntled former employees.
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