Puda Coal Inc (PUDA)

[Renee]

Now only suspended but PUDA is dispatched to Grey Sheets.



UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
RELEASE NO. 34-65178 / August 19, 2011

The Securities and Exchange Commission (“Commission”) announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading in the securities of Puda Coal, Inc. (“Puda”), commencing at 5:30 p.m. EDT, August 19, 2011, and terminating at 11:59 p.m. EDT, on September 1, 2011.

The Commission temporarily suspended trading in the securities of Puda because of a lack of current and accurate information about the company. Specifically, (1) Puda’s auditors resigned on July 7, 2011 and stated that further reliance should no longer be placed on its previously issued audit reports dated March 31, 2010 and March 16, 2011; and (2) the Audit Committee of Puda’s Board of Directors has announced that it has preliminarily concluded that evidence supports the allegation that there were transfers by Puda’s Chairman in subsidiary ownership that were inconsistent with disclosure made by the Company in its public securities filings. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (“Exchange Act”).
The Commission cautions brokers, dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.

Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff in the Division of Trading and Markets, Office of Interpretation and Guidance, at [phone]. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to Puda’s securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.

If any broker, dealer or other person has any information which may relate to this matter, David Rosenfeld of the New York Regional Office of the Securities and Exchange Commission should be telephoned at [phone].



http://sec.gov/litigation/suspensions/2011/34-65178.pdf