we knew this
(a)
GlobeTel failed to make timely, accurate and complete disclosure of material corporate developments and engaged in a pattern of issuing materially misleading and overly promotional public disclosures that overstated the importance of seemingly positive corporate developments and failed to disclose and/or understated the importance of adverse corporate developments. On the basis thereof, the Company violated the disclosure obligations imposed on listed companies pursuant to Part 4 (including Sections 401, 402 and 403), and made it subject to delisting pursuant to Sections 1003(d) and 1003(f)(iii).
I think this activity happens, other companies hide it better
(b)
GlobeTel failed to file required reports and other documents with the Exchange and the SEC and filed incomplete, misleading and/or inaccurate information in its SEC filings, in violation of applicable SEC requirements and Sections 134 and 1101 of the Company Guide. Specifically, GlobeTel failed to (i) file SEC Forms 8-K with audited financial statements in connection with certain acquisitions as required by applicable SEC rules; (ii) include information required by applicable SEC proxy disclosure rules with respect to a shareholder known by the Company to be the beneficial owner of more than five percent of its voting securities in its 2005 and 2006 proxy statements; (iii) failed to file Forms 8-K with respect to corporate developments and the appointment of a corporate officer; and (iv) filed inaccurate, misleading and/or internally inconsistent SEC reports regarding the status of corporate officers.
this wont happen again
(c)
GlobeTel failed to subject an acquisition, which the Company determined was a related party transaction, to appropriate review and oversight by the Company’s audit committee, as required by Section 120 of the Amex Company Guide.
what? sounds like SEC mumbojumbo
(d)
GlobeTel associated with, and continued its association with, two individuals with a history of regulatory misconduct rising to the level of a public interest concern. In one case, the association included entrusting the individual with important corporate functions, despite the fact that the nature of his regulatory misconduct rendered him particularly unfit for such responsibilities. On the basis thereof, the Company became subject to delisting pursuant to Sections 127 and 1003(f)(iii) of the Company Guide.
sloppy activity, I can see why they did not petition
(e)
GlobeTel, despite repeated requests, failed to provide information reasonably requested by the Exchange Listing Qualifications Department Staff (the “Staff”), and provided incomplete, non-timely and/or inaccurate information, in violation of Section 132(e) of the Company Guide. Specifically, GlobeTel failed to provide minutes of all board and audit committee meetings, accurate and complete information regarding corporate consultants, documentation related to additional listing applications and other information regarding material corporate matters.
sounds like they did not have it and made it up at last minute
(f)
GlobeTel provided materially false and misleading information and statements to the Staff, as set forth in paragraph 2(e), hindering its investigation into the Company’s compliance with applicable continued listing standards, in violation of Section 132(e), and making it subject to delisting pursuant to Section 1003(f)(iii), of the Company Guide.
SEC wants it yesterday from them, but others, who knows delays allowed
(g)
GlobeTel failed to notify the Exchange promptly of changes in its officers or directors, in violation of Section 921 and Part 4 of the Company Guide. In one instance, the Company failed to provide timely disclosure to the Amex when it appointed the individual described in paragraph 2(d) as a corporate officer. This change was also not reported on SEC Form 8-K pursuant to Item 5.02 of that form in violation of SEC requirements and Sections 134 and 1101 of the Company Guide.
