SEC Suspends Trading in the Securities of 9 Issuers
The U.S. Securities and Exchange Commission (SEC) announced that there would be temporary suspension of trading in the securities of 9 issuers starting from today to November 1, 2010.
The 9 issuers who have been suspended are Cape Systems Group, Inc. (CYSG), Caribbean Cigar Co. (CIGR), Cell Power Technologies, Inc. (CPWT), Cellular Products, Inc. (n/k/a 872 Main Street Corp.) (CELP), CGS Scientific Corp. (CGSC), Casual Male Corp., Cellmetrix, Inc. (f/k/a BCAM International, Inc. (CLMI), Ceptor Corp. (CEPO) and Ciprico, Inc. (CPCIQ).
The Commission has temporarily suspended trading of the issuers because of a lack of accurate and current information about the companies. They have not filed periodic reports with the SEC for over two years.
The order has been issued using Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act).
The SEC has cautioned all auditors, accountancy firms, brokers, shareholders and dealers to carefully consider the information about these companies, including the currently available information as well as all subsequent information as and when published by the companies.
Pursuant to Exchange Act Rule 15c2-11, when termination of the trading suspension occurs, brokers and dealers will not be allowed to enter into any quotation regarding securities of the suspended companies unless and until they have adhered to all the provisions of the rule.
The ruling comes after a lot of debate has been forthcoming from the industry as a whole regarding lack of information on the part of some companies.
The SEC has said in a statement that anyone, including auditors, brokers and dealers, who have any information about this matter, should immediately communicate it to the Delinquent Filings Branch of the Division of Enforcement at (202) 551-5466. He may also email it to the following address: DelinquentFilings@sec.gov.