Premier Holding Corp. (fka PRHL)

[Elliot09]

The picture is a bit more clear now as I see the SEC initiated proceedings against Anton and Chia the independent auditors of PRHL. Three of Anton and Chia's clients were cited as examples of fraudulent accounting and PRHL was one of the three firms. The issue with PRHL centers around the valuation of a NOTE that PRHL took from another party and the SEC says the NOTE is over-valued. There is no one person profiting from this error. There was no pump and dump claimed and the over-valued NOTE was eventually written off at zero value. Nevertheless, the SEC has cited PRHL for this error and the matter will have to be resolved with the SEC. The SEC is requesting the barring of the CEO from participating in the management of a public company and barring him from raising capital from the public for public companies. PRHL took a hit in its stock price but came back off its lows to partially recover the initial shock of the SEC announcement. Today should be interesting to see if PRHL can recover its stock price to its original base.