Biotech Values

[DewDiligence]

SEC cracks down on corporate shells:

[Recently, the SEC moved to make it harder for private businesses to perform a “backdoor IPO” by merging themselves into a public shell company. Now, the SEC is going a step further and trying to shut down shell companies before they can become engaged in some kind of foul play. Great idea! I wonder why EXEG is not on the following list (#msg-2813483).]

http://biz.yahoo.com/rc/040805/financial_sec_revoke_1.html

>>
US SEC revokes registrations of 12 small stocks

WASHINGTON, Aug 5 (Reuters) - The U.S. Securities and Exchange Commission said on Thursday it had revoked the registrations of a dozen small companies whose stocks were suspended from trading in June by the agency.

In a move meant to head off possible stock fraud, the SEC targeted the companies because they have no operations, but could potentially be used in market manipulation schemes.

The June suspensions marked the first time the SEC halted trading in the shares of companies that had failed to file required periodic financial reports. Previously, the SEC had reserved suspensions for companies making false filings.

Empty companies that are incorporated and registered with the SEC as being publicly traded, but have no operations, are known as "shells." Stock manipulators sometimes gain control of them and use them in schemes to defraud investors.

The 12 companies whose registrations were revoked were:

Alcohol Sensors International Ltd. (ASIL.PK)

Beachport Entertainment Corp. (BPRT.PK)

Biosonics Inc. (BISN.PK)

Compressent Inc.

Holly Holdings Inc. (HOPR.PK)

Intelligent Decision Systems Inc. (IDSI.PK) [LOL]

Long Distance Direct Holdings Inc. (LDDI.PK)

LRG Restaurant Group Inc. (LRGI.PK)

Nevada Manhattan Group Inc. (NVMH.PK)

Redneck Foods Inc. (RDNK.PK) [LMAO]

Safetech Industries Inc. (SFTH.PK)

Xavier Corp. (XVR.AL)
<<