ASIC has issued a stop order prohibiting Bitcoin Group Limited from publishing statements concerning its intention to make an initial public offering of its shares on the ASX until it has formally lodged a prospectus.  With the rise of social media and powerful online communication tools, there are more ways for a company to efficiently reach and communicate with stakeholders and prospective investors than ever before.  The fact that, in these circumstances, the offending statements were published through a mobile communications app is an important reminder that prospective issuers must be cognisant of the advertising and publicity restrictions that apply to all forms of communications and that care must be taken to ensure that all members of an IPO deal team are familiar with, and comply with, these restrictions.

See G+T Corporate Advisory Alert on 17 February 2015 for further details.