Replies to post #59940 on Pilgrim Petroleum Corp. (PGPM)

[1manband]

Nobody has any idea if the company is under formal investigation or not.

Yes, we do. A suspension automatically means there is a formal investigation.

They don't suspend a stock and walk away. They also don't suspend a stock without an investigation in place.

Besides being common sense, it is how the SEC works.

[penny2dollaz]

Exactly, Sec may only want an audit. Wow at the replies of peeps who know what SEC needs. I'm definitely not selling my shares for some vulture to buy them and hold for the big money.

[penn_e_pincher]

I have to agree with you, Bama. Per the SEC's own investor bulletin, already referenced here more than once including what you just posted, they say:

What happens when the ten-day
suspension period ends?

The SEC will not comment publicly on the status
of a company when the ten-day suspension period
ends because the company may still have serious legal
problems. For instance, the SEC may continue to
investigate a company to determine whether it has
defrauded investors. The public would not know if
the SEC is continuing its investigation unless the SEC
publicly announces an enforcement action against the
company.

The wording is, "the SEC MAY continue to investigate," but that leaves open the possibility that they're finished before the 10 day suspension is over. I'm not sure how often that happens, though.