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Saturday, February 02, 2019 2:41:13 PM
The Securities Exchange Act of 1934 (Exchange Act) gives the SEC the authority to suspend trading in and/or revoke the registration of companies that fail to submit disclosure documents (periodic reports), submit deficient periodic reports, or fail to submit periodic reports in a timely manner.
Under the Exchange Act, certain companies with publicly traded securities (reporting companies) are required to provide investors on a regular basis with periodic reports that contain important financial and business information. Examples of these reports include the annually filed Form 10-K or Form 20-F, and the quarterly filed Form 10-Q. Periodic reports help investors to make informed investment decisions about the purchase or sale of a reporting company's securities.
"Periodic reports help investors to make informed investment decisions about the purchase or sale of a reporting company's securities."
If I wanted to sue Greenshift, the last quoted sentence could be quoted in my lawyer's paperwork. The failure of the company to file these reports for almost two years is hurting my ability as a shareholder "to make informed investment decisions" about my stock.
The SEC can suspend trading in GERS stock if it wants to. It has the authority to do so under the terms of this law. Any enforcement action taken by the SEC as a result of the company's failure to file timely reports would also likely be mentioned in the suit.
I'm giving my advice to Kevin right now. File all of the missing reports.
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