Not sure that's the reason it was halted though. The company put out a statement on non-reliance on their financials a couple weeks enforce the halt.
The day it was halted, the stock first for a trading-volatility halt. Then when trading resumed, it spiked and word started circulating about a potential BO...that's when they got hit with the T12...so I'm guessing the SEC wants to make sure it wasn't just an issue where someone loaded then started hat rumor to benefit, but that there is an official deal in writing...which now they have.
Doesn't help that the company never said anything during this whole time...but as I think about it, if it was due to their financials, they could have at least said that, right? They wouldn't be under any confidentiality clause to share that.
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