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SEC halts trading in a number of micro-cap companies yesterday

04 Feb

Yesterday, the United States Securities & Exchange Commission (“SEC”) halted trading in 255 securities, mostly micro-cap dormant shell companies.  Per Laura Anthony, Founding Partner and Attorney at Legal & Compliance, LLC (legalandcompliance.com):

On February 3, 2014, the Securities and Exchange Commission (SEC) suspended the trading in 255 dormant shell companies.  The trading suspensions are part of an SEC initiative tabbed Operation Shell-Expel by the SEC’s Microcap Fraud Working Group.  In May 2012, the SEC suspended the trading on 379 shell companies and in June 2013, it suspended 61 shell companies as part of the initiative.  Each of the companies was a dormant shell that was not current in its public disclosures.  Each of the companies failed to have adequate current public information available either through the news service on OTC Markets or filed with the SEC via EDGAR.

Check out her BLOG and post concerning this important happening at http://securities-law-blog.com/2014/02/04/shell-companies/?utm_source=SEC+Files+Administrative+Proceedings+Against+19+S-1+Companies+And+Suspends+Tradi&utm_campaign=Shell+Companies&utm_medium=email#sthash.zxGi1Ndv.dpuf

Here is the SEC’s announcement at www.sec.gov/litigation/suspensions/2014/34-71465.pdf.


© 2014 by Rhodes Holdings LLC, all rights reserved. Quote from Laura Anthony’s BLOG as referenced above.

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Posted by on February 4, 2014 in BLOG, Business, Public markets

 

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