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After Amended Rule 15c2-11 was implemented in Sept. 2021 SEC Suspensions for Financials delinquencies were no longer required because all SEC Registered stocks had already lost quotations because of the lack of disclosures. That was the only purpose of an SEC Suspension prior to Sept. 27,2021.
The relevant action is always the SEC Admin. Proceeding that identifies the Financials delinquencies and the intended action to have the company's SEC registration revoked.....like the 2,308 other SEC Registered companies that had their registrations revoked.
If INVT responds to the SEC Admin. Proceeding the response will be posted at this link:
https://www.sec.gov/litigation/apdocuments/ap-3-20731.xml
Well somebody must know something about this buying 160k shares today.
INVT is not on the list because I only update the list once or twice per year. Be assured, though, that INVT will be added to the list on the next update. Note that INVT is posted on the board, just not yet added to the list.
If invt is suspended how is volume at 110,000 right now?
I don't see INVT on any of those lists....
Thanks for the link, invt is not on the revoked list or the deleted list of tickers
2,307 of those companies did not get, or contemplate getting a multi million$ lawsuit settlement either, I'm confident Joe's been working with the SEC and Deleware to get things back in order.
As a matter of fact I'll give you 0.0123
And whatever Jackie doesn't buy I'll buy
trader59,
I agree with the last line of this message only in reverse.
I would say "It's a good thing it is tethered to the grey sheets and expert market where most brokers protect their customers by not allowing sell orders. That way the "DOOM AND GLOOM" chatter that is inevitable won't help anyone dump the stock.
By the way, if you want to sell me your holdings in INVT at 0.0122 per share just let me know.
Renee,
Thank You for your insight. I want to understand the possibilities available. There are a few of us that own a significant part of INVT. Kevin Kanning owns 30% of the company, David Robins owns 10%, and others that own below 5%. While we are all still holding, we have all been waiting for the payday. If Joe Beyers is smart he has already engaged lawyers that specialize in SEC filings and know the options. I think if we are all patient we will see a positive outcome with this stock.
The requirement is with the SEC, they are a registrant, and that requirement didn't go away when they were de-listed. Those rules did not change last year or any other year. They'd need to file a de-registration to get out of filing with the SEC, and even that would require them to "catch up."
They haven't filed anything since 2017 with either the state or the SEC, owe the state a lot of $, and none of that was being held up by any sort of lawsuit. That sort of rationalization to excuse essentially illegal behavior on the part of a company by its shareholders is pretty surprising.
It's a good thing it is tethered to the grey sheets and expert market where most brokers protect their customers by not allowing buy orders. That way the "all is well" chatter that is inevitable won't help anyone dump the stock.
trader59,
Maybe you missed the part where the pink sheets did not require ANY SEC documentation filings. I don't remember when they were delisted from the NASAQ to the pink sheets, but it was quite some time ago. Then for years they had no SEC filing requirements until the rules changed last year.
At that time the company was fully involved in the Apple Lawsuit.
I understand they owe money to the State of Delaware and maybe their agent and others. I believe they now have the ability to pay those debts and make their documents current.
As I have said in other postings, if their registration is revoked you will own stock in a private company. When they are re-registered, you will still own stock in INVT. There is no zero value in the near future as long as INVT does fix the SEC filings as I believe they will.
INVT is an SEC registrant still and is required by regulation to file periodic financial disclosures with the SEC, something they have failed to do since 2017. That's what the revocation is about, their failure to file since the 10Q of 11/13/2017.
As far as the state of Delaware voiding the company, they haven't filed a report since 2017 with them, either, and owe over $450k in state taxes.
They've left the building, just like I said, those holding the stock will lose everything they paid for it when the revocation happens.
The only options available to any SEC Registered company that receives an Admin. Proceeding for severely delinquent Financials is to either accept the revocation which saves the Admin. Law Judge (A.L.J.) time and resources or to wait for the A.L.J. to forcefully revoke the company's registration.
Thereafter a now private company with a revoked SEC registration can file a new FORM 10 to re-register with the SEC. The new FORM 10 would require audited Financials for minimally two full years of operations.
So, if the company chooses to accept revocation of their SEC registration it may possibly enhance good will from the SEC if the company desires to file a new FORM 10 to re-register.
The time for "a rogue company to comply" has passed and is moot as no further compliance is required....ie., the Financials delinquencies are unforgiveable and not remedial in any context.
trader59,
There was a patent infringement lawsuit where INVT through Fortress sued APPLE, HTC, and ZTE. During this lawsuit Apple sued Fortress for Antitrust.
Apple lost the Antitrust lawsuit and all indications are that they settled the patent infringement lawsuit.
trader59,
A corporation can be considered void for many reasons. For example if they failed to pay the registration fee to the state of Delaware they could be a voided corporation. If the registered agent stops representing the company for any reason it could also be called a voided corporation. This state is easily fixed by the company paying any money that is owed.
Just in case you didn't know, INVT has been tied up in a very long patent infringement lawsuit for the past 4 years. I can imagine that there was little to no income during this time. INVT was delisted to the Pink Sheets and was not required to provide ANY financial information to the SEC until 8 months ago when the rules were changed. They were not in compliance with the SEC during the time between their last filing and the delist date. Then they were not in compliance since the rules were changed 8 months ago.
If the registration is revoked we will all be holding shares of a private company until the registration gets reinstated. NO NEED TO PANIC!!
Obviously you're a newbie here and you don't have a clue so I'm not even going to have this discussion with you. Do just a minimal amount of research before you make such outlandish statements. Do you even know who fortress is? and why Apple dropped their lawsuit? Have you seen the PTAB win for invenergy? Apple dropped the lawsuit for a reason.
Apple sued them, not the other way around, and were absolved the the claimed infringement last year. If there is any money changing hands for the undocumented "settlement," it would be in the other direction.
Renee,
INVT has been "not current" for more than 4 years now. I find it extremely suspicious timing that this is happening today when we think a large settlement is arriving to the company. Do you think it is possible that this Administrative Proceeding is how an out of compliance company learns what paperwork the SEC needs to see to reinstate their registration? Could it be a normal part of the process of getting the filings current?
I do understand that the registration revocation is leverage that the SEC uses to make a rogue company comply. I just do not think the timing justifies this as a punitive action.
We'll see Within 10 days or so, I can't see them letting this go at the exact moment they get their settlement from Apple. Derp
The company has left the building, and this will kill off the stock for good. No filings since 2017 and if one reads the SEC's notification Renee provided, you'll see they're a "void" corporation in Delaware, which means the state has voided their corporate charter and they're not even a company on paper anymore.
In all instances the SEC attempts to contact an SEC Registered company to discuss the Financials delinquencies and to determine if the company can remedy the Financials delinquencies in an acceptable timeframe.
Whether Inventergy Global Inc. responded or failed to respond SEC Enforcement has determined that it is too late to remedy the delinquent Financials and filed an Administrative Proceeding to revoke the company's stock registration(s).
In 100% of all instances (ie., 2,308 stocks in the link I provided) the SEC Admin. Law Judge has revoked each company's stock registration(s)....no exceptions.
Scroll through this board (without posting to the board) and read other SEC Admin. Proceedings and correlate to the SEC Admin. Law Judge filing to revoke their stock registration(s). EG., look for a post that begins with 'Revoked registration, then the ticker', then read the link-back to the original SEC Admin. Proceeding, often accompanied with an SEC Suspension.
https://investorshub.advfn.com/SEC-Suspensions-&-Revocations-25334/
Do you know if this is a across-the-board letter sent to all the companies that are in non-compliance right now? If not, why not?
I guess you don't understand in what context I meant formality. I'm sure the company was well aware of this and sending notice is what they would need to put themselves in compliance. Assuming they have the ability to do so now. I say this based upon the timing. This was an issue four years ago and became a greater issue 8 months ago or thereabouts. I think the company is well aware of this issue and is working diligently to address it. This is all in my opinion and not Financial advice. I repeat the timing is ironic at best. You draw your own conclusions and speculations.
Unfortunately an SEC Admin. Proceeding for severely delinquent Financials is not merely a formality, although it is a formal notice that the Admin. Law Judge will revoke the company's stock registration(s).
Please read the following linked post:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=167347498
IMHO this means as shareholders we're going to know what we own in 10 days......
I think this is just a formality and they're probably already addressing this.
I think the TCA receivership is a non-issue. Also an old issue.
Maybe they have a lien on INVT?
The SEC administrative proceedings do not apply to pink sheet stocks.
Although, INVT was on the NASDAQ for some time after 2017. Maybe they are finally getting around to the 2017 delinquencies? Are they that far behind?
I believe that INVT has to update all filings with the SEC to get back to the PINK sheets and should be able to provide proof that they have indeed been in litigation via Fortress and have been successful. This should satisfy the SEC as well.
I am still holding and believe the settlements happened. I will be buying more shares as soon as I can.
Thank you for sharing that SEC Administrative Hearing filing, Renee. I was recently going through some old filings looking for clues for what’s going on with INVT and had forgotten that back in 2018 INVT had entered into debt financing with TCA Global. I googled TCA Global and found that the SEC filed a complaint against TCA:
“violating the antifraud provisions of the federal securities laws, and seeks permanent injunctions, disgorgement of allegedly ill-gotten gains with prejudgment interest, and financial penalties. The court yesterday granted the SEC’s request to appoint Jonathan E. Perlman as receiver over the TCA, TCA-GP, and the TCA funds.”
I then looked at the TCA Fund Receivership and it lists Inventergy as the following:
Inventergy Global Inc.
Loan Origination: Loan Principal: Loan Interest: Fees w/ Interest: Total Outstanding: Status:
December 2017
$2,326,418
$1,121,333
$8,784,388
$12,232,139
Non-Responsive and Not Paying
The borrower is an intellectual property and patent litigation company located in California. The loan is in default as of April 29, 2018 and the last payment was made on May 28, 2018. A settlement agreement was entered into in November 2018, pursuant to which borrower was to obtain other financing by February 28, 2019, in the amount of at least $1 million. Pursuant
27
Case 1:20-cv-21964-CMA Document 70 Entered on FLSD Docket 11/05/2020 Page 31 of 70
CASE NO. 20-CIV-21964-CMA
to the settlement agreement, the Master Fund and the other lender would then enter into an inter- creditor agreement, and the Master Fund would receive $200,000 at closing. The borrower did not obtain financing pursuant to the terms of the settlement agreement, and at this time, no inter- creditor agreement exists. Additionally, no payments have been made to the Master Fund for over two years. DSI has attempted to contact the guarantor, however, the guarantor has not been responsive to multiple attempts.
https://www.tcafundreceivership.com/docs/DE070RecSecondQStatRep.pdf
https://www.sec.gov/news/press-release/2020-110
If anyone has insight on what this all means for us shareholders, I would love to hear your thoughts and opinions. Thanks.
INVT SEC Admin. Proceeding for severely delinquent (2017) Financials:
https://www.sec.gov/litigation/admin/2022/34-94173.pdf
It could be in March to its just the normal timeline for settlements to go through and funds to be dispersed. It may be more complex than most and take longer. All IMHO
Yes we can agree there was probably some settlement but what makes you think February anything will happen?
Apple dropped their lawsuit against Fortress 7 months ago, come to your own conclusions with that means but those familiar with the lawsuit say this means there was a settlement between Apple and Fortress. All IMHO
This month this year
But, in what year?
Although the latest 360 news article states Apple did settle with Fortress, only question is, how much. One comparison could be the Apple Samsung case, don't quote me but it was around $1.2 billion. Our 30% would land us around $15 a share lol, all theoretically of course since there are so many variables. I'm sure many here would be satisfied with $1....
I'm totally reading between the lines when I assume since Apple dropped their lawsuit it was because they probably settled with INVT. Last time we heard from the PTAB they ruled in INVT favor. With the same logic used to solve Algebra the writing on the wall is very clear to me. Assuming they settled around the same time Apple dropped their lawsuit these things usually cut checks 3 months or so afterwards. Only problem here is it's nearly impossible to buy more shares, I loaded up before they locked us out. If anyone figures out how to buy more let me know how cuz I'll buy more. Look at the insider buys too, Why do you think Kanning is loading up? With minimal investigation one can figure out what's probably going to happen. But like I said before, this is in my opinion only, that you all need to draw your own conclusions and that this is not financial advise.
When and why and how?
My guess is February
Right i still see that, i thought something major had happened. Still though something may be happening soon with this stock, can only hope.
The ask is 0.0158.
980 shares - probably a bad data misprint.
Just received an alert from td ameritrade that inventergy just hit $.12 a few seconds ago, whats up?
Ah. Thanks. Nothing has changed at invt then. Still mia on their finances
New SEC rule 15c2-11 was changed effective 9-27-2021. Pink sheets are now required to submit some level of financial documents.
I'm assuming this is why the price is less than a penny? If so how temp is this? I didn't know there's paper work to be filled in the OTC
It looks like Apple has settled . Nobody can guess what is left over after paying Fortress or what the settlement amount was or what the tax might be. We can only wait.
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