CSHD: Court Issues Temporary Restraining Order Against Company and CEO
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Knobias
08:01 a.m. 10/27/2006
Ridgeland, MS, OCT 27, 2006 (EventX/Knobias.com via COMTEX) -- By Fain Hughes, fhughes@knobias.com
A Federal judge has issued a temporary restraining order against Conversion Solutions Holdings Corp. (CSHD) and Chief Executive Rufus Harris. The company and its CEO were sued by the SEC Tuesday in the U.S. District Court for the Northern District of Georgia, Atlanta Division. The SEC alleges in its complaint that Conversion Solutions and Harris made false and misleading statements in press releases and financial reports.
The SEC said in its complaint that, contrary to its claims, the Georgia-based company didn't own or control the entirety of two separate Venezuelan bonds. The Commission also alleges that 8K filings and an annual report filed by Conversion Solutions in September and October fraudulently overstated Conversion's assets.
U.S. District Court Judge Clarence Cooper's order also prohibits defendants from destroying documents and authorizes the SEC to take expedited discovery in the case.
DONT THINK SO PROJECTOR. The company is going down. They are in some serious doodoo. And SLJB isn't far behind, because IMO they have made some false statements in their PR's. I can't prove it, but suspect it out of gut feeling. I guess we'll see how the next few months pan out for SLJB. But I suspect one thing, if SLJB goes down, there will be many upset people. Too many have been watching SLJB to not just turn and say "Oh well, shoulda known better!". They will get together and pursue similiar action by the SEC.
Anything I say is complete nonsense. It is just my opinion, and sometimes I just like to hear myself think.
