Wild theory explaining why the stop sign is still there over 7 after SHMN submitted all those delinquent filings.
Apparently the initial batch of filings sent in early 2018 were so inaccurate and poorly written, the OTC threw them straight into the trash and promptly downgraded SHMN’s status to defunct to give them a subtle hint.
Fast forward to 9/28/2018 when SHMN finally submitted their corrected 2015 annual report.
The OTC notices this little paragraph they added:
In November 2015, the Securities and Exchange Commission entered an Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings and Imposing Sanctions against Mr. Shailesh Shah. Pursuant to such Order/Findings, Mr. Shah was ordered to cease and desist from committing or causing any violations and any future violations of Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 thereunder. Mr. Shah was also prohibited from acting as an officer or director of any issuer that has a class of securities registered pursuant to Section 12 of the Exchange Act for a period of five (5) years and barred from participating in any offering of a penny stock.
Perhaps the OTC is patiently waiting for the FBI and SEC to send over the dispositions.
OTC has a very straightforward Caveat Emptor policy..
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