‘Energy Suspension’ for Nuclear Plant After SEC Finds Dubious Securities
Alternative Energy Holdings Inc. (AEHI) may see a temporary ‘energy suspension’ of its nuclear plant in Boise, Idaho following the complaint of the Securities and Exchange Commission (SEC) stating the “lack of current and accurate information concerning the securities” of the company.
The suspension order, signed by SEC secretary Elizabeth Murphy, said the investors’ interest needed to be protected by suspending the trading of AEHI until December 28, 2010.
Particularly, SEC raised questions on the stock sales of some AEHI officers, the status of the nuclear plant’s funding, and the company’s executive remuneration, adding that the Pink OTC Markets Inc. has quoted AEHI under a ticker symbol “AEHI.”
AEHI spokesman Dan Hamilton said SEC did not warn them of the possibility that a suspension could be filed against the company, which has been trying to get the commission’s approval for the nuclear plant sites at southern and western Idaho and Payette County. The company, nevertheless, hopes to answer SEC’s interrogations, Hamilton added.
SEC has warned the shareholders, including the brokers and dealers to be careful in assessing the available and foregoing information from AEHI, taking into consideration that they may not enter quotation during the period of the suspension in accordance with the Exchange Act.
Dealers, brokers, and shareholders may face enforcement action from the commission if they violate the rule prohibiting them to enter quotation, the SEC said.
The commission advised all stakeholders to refrain from entering any quotation if they are uncertain with the rulings of the Exchange Act, for which they are only allowed to do once the suspension is lifted.