"We just have a policy that we don't conduct business with those sites," Mr. Ginn said. "Information tends to get twisted."

One of the problems with investor-relations firms using discussion boards to highlight a small-cap stock is the anonymity of comments, he said. Discussion boards operate far outside of the disclosure rules that listed companies have to abide by, he added.

Mr. Ginn describes stock bulletin boards as "a make-believe world"