Facebook And Kik: Similar Products, Disparate SEC Treatment

By Zvi Gabbay (July 29, 2019, 1:47 PM EDT) -- In the course of June 2019 two seemingly unrelated events occurred. A closer look at these two events, however, reveals an interesting connection and a troubling conclusion.

The first event occurred in early June 2019, when the U.S. Securities and Exchange Commission commenced legal proceedings against Kik Interactive Inc. — an instant messaging app developer — in federal court in New York. In its complaint, the SEC alleged that Kik violated Section 5 of the Securities Act of 1933 by offering and selling unregistered securities in interstate commerce absent an exemption.

The second event occurred two weeks later, when Facebook Inc....

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