The Commission temporarily suspended trading in the securities of ACT because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things: (1) British Petroleum’s purported expression of interest in using a so-called oil fluidizer technology purportedly licensed to ACT’s wholly-owned subsidiary, American Petroleum Solutions, Inc., for use in cleanup operations in the Gulf of Mexico, and its purported request that field tests be conducted on the oil fluidizer technology; and (2) the purported results of field tests finding that the oil fluidizers are effective for use in clean up efforts in the Gulf of Mexico.
There were misleading statements discovered. And those statements were clearly defined in the suspension order.
Now, you can say whatever you want however, the agency that regulates the public markets says there were serious issues with accuracy of statements made by ACLH and ACLH did nothing to clear any of this up. Evidently their ability to clear up the suspension was about as good as their ability to clean up the gulf oil spill.
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