Kik Says SEC 'Twists The Facts' With Unregistered ICO Claims

Law360 (August 7, 2019, 11:08 AM EDT) -- Canadian messaging company Kik vehemently denied that it conducted an unregistered securities offering, saying late Tuesday that the SEC’s complaint against it showed a “consistent effort to twist the facts.”

The U.S. Securities and Exchange Commission sued Kik Interactive Inc. on June 4 in New York federal court claiming it conducted an unregistered initial coin offering when it sold $100 million worth of its cryptocurrency Kin in 2017, $55 million of which was bought by U.S. investors.

In its answer, Kik, advised by a team of Cooley LLP and Kirkland & Ellis LLP attorneys, took a paragraph-by-paragraph approach challenging the SEC’s...

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