PDAR, add another one trying to stop naked shorting. Good luck, no one else seems to be able to conquer it. Hard to believe this crap happens in a legitimate mkt.
Presidential Air Corporation to Initiate Litigation Procedures Against Broker Dealer Illegal Naked Shorting Practices
Tuesday February 25, 10:22 am ET
LA JOLLA, Calif., Feb. 25 /PRNewswire-FirstCall/ -- Presidential Air Corporation (OTC Bulletin Board: PDAR - News), a rapidly emerging aviation holding company with its core business in worldwide aviation parts sales, announced today that it intends to file a lawsuit against certain broker dealer firms for violations of fair-trading practices, share price manipulation, negligence and/or fraud, surrounding the practice of illegal naked shorting for profit and gain.
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The act of naked short selling artificially inflates a company's trading float in order to wrongfully reduce or suppress the true market price of a company's stock. The short positions in naked short sales of stock are not declared, actual shares are not obtained to cover the short, and shares are sold without delivering the stock to the purchaser, ultimately undermining legitimate shareholder ownership and devaluing the stock price.
Presidential Air believes that the recent practices of certain broker dealers are in direct violation of the provisions of the National Association of Securities Dealers and the United States Securities and Exchange Act of 1934. The Company has contacted the law firm of Jenkins & Gilchrist Parker Chapin LLP in New York regarding this matter and intends to pursue all legal remedies available, including, but not limited to, the filing of a complaint with the Securities and Exchange Commission.
About Presidential Air Corporation:
Presidential Air Corporation ( www.presidentialair.com ) is an aviation enterprise holding company that has established its core business under its wholly owned subsidiary, Certified Aviation Parts, Inc., an aviation parts sales company engaged in the disassembly and parting out of aircraft systems, flight controls, engines, and avionics for resale.
For more information on Presidential Air, please contact Robert Weidenbaum, CLX & Associates, Inc., at (800) 860-8241, e-mail pdarinfo@clxonline.com, or visit www.presidentialair.com .
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on the Company's behalf. All statements, other than statements of historical facts, which address the company's expectations of sources of capital or which express the Company's expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. Such statements made by the Company are based on knowledge of the environment in which it operates, but because of the factors previously listed, as well as other factors beyond the control of the Company, actual events and results may differ materially from the expectations expressed in the forward-looking statements. Presidential Air disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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Source: Presidential Air Corporation
AI
