Sunday, June 14, 2015 9:18:10 AM
It's progress on getting the stock trading again
https://www.sec.gov/litigation/opinions/2015/34-75168.pdf
Kogan at work
Held, registered clearing agency
provided issuer with notice and an opportunity to be heard, and kept a record of the
proceeding. But registered clearing agency did not provide a statement of the specific
grounds for the suspension, as required under the Securities Exchange Act of 1934, and
proceeding is remanded to clearing agency in order to do so.
OPINION OF THE COMMISSION
REGISTERED CLEARING AGENCY PROCEEDING
Suspension of Services with Respect to Issuer's Securities
Registered clearing agency stopped accepting new deposits of issuer's securities and
subsequently suspended all book-entry clearing and settlement services with respect to
issuer's securities held by clearing agency's Participants. Held, registered clearing agency
provided issuer with notice and an opportunity to be heard, and kept a record of the
proceeding. But registered clearing agency did not provide a statement of the specific
grounds for the suspension, as required under the Securities Exchange Act of 1934, and
proceeding is remanded to clearing agency in order to do so.
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