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'(b) EXCLUSIONS- Except to the extent otherwise specifically provided by
rule, regulation, or order of the Commission, this section shall not
apply to a forward-looking statement--
'(1) that is made with respect to the business or operations of the
issuer, if the issuer--
'(A) during the 3-year period preceding the date on which the
statement was first made--
'(i) was convicted of any felony or misdemeanor described in
clauses (i) through (iv) of section 15(b)(4)(B) of the Securities
Exchange Act of 1934; or
'(ii) has been made the subject of a judicial or
administrative decree or order arising out of a governmental action
that--
'(I) prohibits future violations of the antifraud provisions of the
securities laws;
'(II) requires that the issuer cease and desist from violating the
antifraud provisions of the securities laws; or
'(III) determines that the issuer violated the antifraud provisions
of the securities laws;
'(B) makes the forward-looking statement in connection with an
offering of securities by a blank check company;
'(C) issues penny stock;
'(D) makes the forward-looking statement in connection with a
rollup transaction; or
'(E) makes the forward-looking statement in connection with a
going private transaction; or
'(2) that is--
'(A) included in a financial statement prepared in accordance
with generally accepted accounting principles;
'(B) contained in a registration statement of, or otherwise
issued by, an investment company;
'(C) made in connection with a tender offer;
'(D) made in connection with an initial public offering;
'(E) made in connection with an offering by, or relating to the
operations of, a partnership, limited liability company, or a direct
participation investment program; or
'(F) made in a disclosure of beneficial ownership in a report
required to be filed with the Commission pursuant to section 13(d) of
the Securities Exchange Act of 1934.
http://webcache.googleusercontent.com/search?q=cache:TkQ0j15m6rUJ:www.lectlaw.com/files/stf04.htm+Private+Securities+Litigation+Reform+Act+of+1995,+penny+stock&cd=1&hl=en&ct=clnk&gl=us&client=opera
We are apt to shut our eyes against a painful truth... For my part, I am willing to know the whole truth; to know the worst; and to provide for it. --Patrick Henry, Patriot and Hero of the American Revolution
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