JGBO: SEC Admin Proceeding:
http://www.sec.gov/litigation/admin/2012/34-67833.pdf
The Securities and Exchange Commission (“Commission”) deems it necessary and appropriate for the protection of investors that public administrative proceedings be, and hereby are, instituted pursuant to Section 12(j) of the Securities Exchange Act of 1934 (“Exchange Act”) against Respondent Jiangbo Pharmaceuticals, Inc. (“Jiangbo” or the “Company”).
After an investigation, the Division of Enforcement alleges that:
A. Jiangbo is a Florida corporation headquartered in Laiyang, China. Jiangbo is engaged in the business of researching, developing, manufacturing, marketing, and selling pharmaceutical products and health supplements in China. Under the stock symbol “JGBO,” the Company began trading on the OTCBB on May 12, 2009 and on the NASDAQ on June 8, 2010. On May 31, 2011, NASDAQ halted trading in Jiangbo’s common stock, and it delisted the Company’s securities on October 17, 2011. Jiangbo’s securities have been registered with the Commission pursuant to Section 12(g) of the Exchange Act.
B. Section 13(a) of the Exchange Act and the rules promulgated thereunder require issuers of securities registered pursuant to Section 12 of the Exchange Act to file current and accurate information in periodic reports with the Commission. Exchange Act Rule 13a-1 requires issuers to file annual reports, and Rule 13a-13 requires issuers to file quarterly reports.
C. Jiangbo is delinquent in its periodic filings with the Commission.
D. Jiangbo has failed to file its requisite periodic reports for its fiscal year ended June 30, 2011, its fiscal quarter ended September 30, 2011, its fiscal quarter ended December 31, 2011, and its fiscal quarter ended March 31, 2012.
E. As a result of the foregoing, Jiangbo has failed to comply with Section 13(a) of the Exchange Act and Rules 13a-1 and 13a-13 thereunder.
In view of the allegations made by the Division of Enforcement, the Commission deems it necessary and appropriate for the protection of investors that public administrative proceedings be instituted to determine:
A. Whether the allegations contained in Section II hereof are true and, in connection therewith, to afford the Respondent an opportunity to establish any defenses to such allegations; and
B. Whether it is necessary and appropriate for the protection of investors to suspend for a period not exceeding twelve months, or to revoke the registration of each class of securities, registered pursuant to Section 12 of the Exchange Act, of the Respondent identified in Section II hereof, and any successor under Exchange Act Rules 12b-2 and 12g-3 or new corporate name of the Respondent.
IT IS HEREBY ORDERED that a public hearing for the purpose of taking evidence on the questions set forth in Section III hereof shall be convened at a time and place to be fixed, and before an Administrative Law Judge to be designated by further order as provided by Rule 110 of the Commission’s Rules of Practice [17 C.F.R. § 201.110].
IT IS HEREBY FURTHER ORDERED that Respondent shall file an Answer to the allegations contained in this Order within twenty (20) days after service of this Order, as provided by Rule 220(b) of the Commission’s Rules of Practice [17 C.F.R. § 201.220(b)].
If Respondent fails to file the directed Answer, or fails to appear at a hearing after being duly notified, the Respondent may be deemed in default and the proceedings may be determined against it upon consideration of this Order, the allegations of which may be deemed to be true as provided by Rules 155(a), 220(f), 221(f), and 310 of the Commission’s Rules of Practice [17 C.F.R. §§ 201.155(a), 201.220(f), 201.221(f), and 201.310].
This Order shall be served forthwith upon Respondent personally or by certified, registered, or Express Mail, or by other means permitted by the Commission Rules of Practice.
IT IS HEREBY FURTHER ORDERED that the Administrative Law Judge shall issue an initial decision no later than 120 days from the date of service of this Order, pursuant to Rule 360(a)(2) of the Commission’s Rules of Practice [17 C.F.R. § 201.360(a)(2)].
In the absence of an appropriate waiver, no officer or employee of the Commission engaged in the performance of investigative or prosecuting functions in this or any factually related proceeding will be permitted to participate or advise in the decision of this matter, except as witness or counsel in proceedings held pursuant to notice. Since this proceeding is not “rule making” within the meaning of Section 551 of the Administrative Procedure Act, it is not deemed subject to the provisions of Section 553 delaying the effective date of any final Commission action.
By the Commission.
Elizabeth M. Murphy
Secretary
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