Spectacular Solar Inc (SPSO)

[Eli's Gone]

Safe Harbor does not apply to penny stocks.

Section 27A -- Application of Safe Harbor for Forward-Looking Statements
…
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—

C. issues penny stock;


http://taft.law.uc.edu/CCL/33Act/sec27A.html

9/ The District Court rejected the first defense because the statutory SAFE HARBOR does not apply to Commission enforcement actions, or to penny stocks, like UNDR stock, citing 15 U.S.C. §§ 77z-2(b)(1)(c), 77z-2(c), 78u-5(b)(1)(c), and 78u-5(c).
...

Rel. No. 53122 A/ January 13, 2006
http://www.sec.gov/litigation/opinions/34-53122a.pdf