Able Energy Executives Subpoenaed
Monday September 11, 6:26 pm ET
Able Energy Officers, Directors Receive Subpoenas As SEC Begins Formal Stock Options Probe
NEW YORK (AP) -- Able Energy Inc. said Monday certain officers and directors were subpoenaed to provide documents to the Securities and Exchange Commission, which has begun a formal investigation into the fuel distributor's historical stock option practices.
The SEC launched an informal inquiry into the company's stock option grants in August 2005, Able Energy said.
Rockaway, N.J.-based Able said it "believes that it did not violate any securities laws and intends to cooperate fully with and assist the commission in its inquiry." More than 125 companies are under probe by federal regulators, or are voluntarily reviewing, their past stock option practices.
The company's Nasdaq-listed shares closed down 8 cents to $5.25, then shed 24 cents, or 4.6 percent, in aftermarket activity to $5.01.
Market Data 
Markets 
AI
