I belieive you did npt read the detail of the news by Bloomberg.
Let me tell you how I read it.
It basically says that a hearing has been ordered by SEC to determine if Savi trade will be suspended or revoke. It appears to me that SEC is tired of Savi's late filings. At the hearing an administrative judge will hear both side before making a decision within 120 days date of proceeding. See below for the news article.
I suggest you chat with DFW as he seemed to be very knowledgeable in this area.
Alhough Im just a formal shareholder, I wish the best for the company shareholders. I sold all my shares at .01 because I have no faith in the current management. In short they need a new chairman and ceo.
SEC Orders Hearings On Registration Suspension Or Revocation Against SaviCorp For Failure To Make Required Periodic Filings
Jun 17 15
Securities and Exchange Commission (SEC or the commission) instituted public administrative proceeding to determine whether to revoke or suspend for a period not exceeding twelve months the registration of each class of the securities of SaviCorp. for failure to make required periodic filings with the Commission. In this Order, the Division of Enforcement (Division) alleges that the company was delinquent in its required periodic filings with the Commission. In this proceeding, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the judge will hear evidence from the Division and the company to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 there under, are true. The judge in the proceeding will then determine whether the registrations pursuant to Exchange Act Section 12 of each class of the securities of the company should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge in this proceeding issue an initial decision not later than 120 days from the date of service of the order instituting proceeding.
