SEC Orders Proceedings Against Spectacular Attractions
The Securities and Exchange Commission has issued its Order Instituting
Proceedings (OIP) pursuant to Section 12(j) of the Securities Exchange Act of 1934 (Exchange Act). A telephonic prehearing conference as to Spectacular Attractions, Inc. is currently scheduled for January 31, 2012.
On January 5, 2012, the Division of Enforcement filed a Motion for Default against Spectacular and Brief in Support of Motion. The Motion states that the Division has taken all reasonable and appropriate steps to notify Spectacular of this proceeding, requests that a default judgment be entered against Spectacular for failing to file an Answer to the OIP, and requests that each class of Spectacular’s registered
securities be revoked.
In an e-mail to the Division dated January 11, 2012, John Cumming, the last CEO of Spectacular, acknowledged receipt of the OIP and represented that Spectacular does not object to the revocation of its registered securities.
Spectacular is in default for failing to file an Answer to the OIP or otherwise defend the proceeding.
Administrative Law Judge Cameron Elliot claims that Spectacular is a British Columbia corporation located in Vancouver, British Columbia, Canada, with a class of securities registered with the SEC pursuant to Exchange Act Section 12(g). Spectacular is delinquent in its periodic filings with the SEC, having not filed any periodic reports since it filed a Form 20-F registration statement on May 1, 2001, which reported a deficit of $2,372 from the company’s December 3, 1999, organization to
November 30, 2000.
In addition to repeated failures to file timely periodic reports, Spectacular failed to heed the delinquency letter sent to it by the Division of Corporation Finance requesting compliance with its periodic filing obligations or, through the failure to maintain a valid address on file with the SEC as required by rule, did not receive such letter.
Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 require issuers of securities registered pursuant to Section 12 of the Exchange Act to file with the SEC current and accurate information in periodic reports, even if the registration is voluntary under Section 12(g).
Specifically, Rule 13a-1 requires issuers registered under Section 12 to file annual reports, and Rule 13a-13 requires domestic issuers to file quarterly reports.
“As a result of the foregoing, the respondent failed to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13. Considering these delinquencies, it is necessary and appropriate for the protection of investors to revoke the registration of each class of Respondent’s registered securities,” Elliot said.