OWC Pharmaceutical Research Corp (OWCP): No, a company doesn't have to disclo...

Reply Private New

Next 10 Prev Next

Send PM Follow Ignore

Followers	734
Posts	75494
Boards Moderated	0
Alias Born	01/01/2012

I-Glow

Re: BesaoT35 post# 185532

Saturday, 03/28/2020 12:30:42 PM

Saturday, March 28, 2020 12:30:42 PM

No, a company doesn't have to disclose they received a Wells Notice.

"Disclosure of Wells Notices Not Required by Section 10(b)

A recent decision of the United States District Court for the Southern District of New York has held that Section 10(b) of the Securities Exchange Act of 1934 does not require companies to disclose their receipt of a Wells Notice."

https://www.kkwc.com/wp-content/uploads/2015/02/disclosureofwellsnotices.pdf

A material event is something that has happened - a Wells Notice is the SEC is going to take enforcement action against the company but it hasn't happened yet - plus the company has to respond to the SEC - so it isn't something that happens immediately.

IG

"And the CEO looked, and behold a pale horse: and his name that sat on him was Death to Scams, and Hell followed with him."