CNEP - This is a huge bunch of BS. I think CNEP just told the SEC to go screw themselves in the end. There is absolutely nothing in this document that I was not aware of and the fact that they were delisted for it is crap in my opinion. The SEC should be embarassed....
A few of my favorite quotes:
“Despite certain remedial actions announced by the Company after the revelations contained in the JLA report, the Company has repeatedly failed to have adequate board and committee control.”
-like the SEC would have any clue what type of “board control” there is. Do they have a member in the boardroom I'm unaware of?
“Staff has determined that the Company is not in compliance with Sections 134 and 1101 of the Company Guide based on its failure to file its Form 10-K for the year ended December 31, 2011.”
-the company couldn’t possibly file without violating SEC law and opening themselves up to a lawsuit
“Further, the decision by the SEC to temporarily suspend trading in the Company’s securities in March 2012 casts additional doubt on whether the Company’s financial performance is accurately portrayed by its financial statements.”
-Zero proof, none, zilch, zip
“On December 5, 2011, the Exchange notified the Company that, as a result of the retirement of Mr. Edward Rule as a member of the audit committee, it was not in compliance with Section 803(B)(2)(a) in that it only had two out of the requisite three members on its audit committee.”
-The company has until the next annual meeting to come into compliance and that meeting isn’t scheduled till later this year.
“The Company did not appeal the Panel’s decision to the Committee on Securities within the requisite time period or at all and has not otherwise regained compliance with the continued listing standards.”
-They finally said “screw this, we’re outta here”
I’m buying more on Monday.
