More deductive reasoning (and admittedly pure guess) is the SEC is busy “following the money” trail. Since the cast of characters includes a whole slew of foreigners (RU “investors,” past and present board members), would assume it will NOT be a quick investigation.
Review the list of AMEX charges again—these are not your “garden variety” exchange transgressions. While it IS true that an AMEX de-listing does NOT auto trigger a SEC investigation (as Rocky pointed out), SURELY this TYPE of exchange allegation, following a FAILED appeal, WOULD trigger a formal SEC investigation ; good Lord, if not then, WHEN?
The following charges imply fraud—so who benefited—would assume that is exactly what the SEC is now determined to find out…………………
(i) failure to make timely, accurate and complete disclosure of material corporate developments, as well as engaging in a pattern of issuing materially misleading and overly promotional public disclosures; (ii) failure to comply with Securities and Exchange Commission reporting obligations by filing incomplete, misleading and/or inaccurate information in its public filings; (iii) failure to provide information to the Exchange; (iv) providing materially false and misleading information and statements to the Amex staff hindering its investigation of the Company's compliance with Amex listing requirements; (v) acting to interfere with the operation of a fair and orderly market by issuing public statements not warranted by the Company's affairs that were intended to affect the price of its common stock; (vi) association with an individual with a history of regulatory misconduct that rises to the level of a public interest concern; and (vii) serious internal control weaknesses that rise to a level of a public interest concern
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