Replies to post #14206 on Act Clean Technologies Inc. (fka ACLH)

[pennyland25]

That's how it works. The SEC has the right to impose a ten day trading suspension.

[Jim Bishop]

SEC Suspends Trading In ACT Clean Technologies
DOW JONES NEWSWIRES

The Securities and Exchange Commission suspended trading in penny stock ACT Clean Technologies Inc. (ACLH) for 10 trading days as the agency said there are questions about public statements from the remediation-services provider.

They include the "accuracy and adequacy" of information including BP PLC's (BP, BP.LN) "purported expression of interest in using a so-called oil fluidizer technology purportedly licensed to" an ACT unit for use in cleanup efforts from the Deepwater Horizon's explosion and sinking last month. Also raised as a concern by the SEC is "the purported results of field tests finding that the oil fluidizers are effective for use in clean up efforts in the Gulf of Mexico."

The company issued a statement Tuesday to "update" two recent releases, downplaying connections to BP but instead saying samples were given to a BP contractor. It also said that "prior resting and usage" of its oil fluidizer "makes it an effective weapon in the clean-up of hard surface oil contamination," without specifically referencing potential effectiveness in helping deal with the Gulf spill.

As of now, trading will be allowed to resume on June 9. The stock was trading at below a penny until April 29, when shares began to rise and closed on May 3 at 7 cents. The stock has traded between 3 cents and 7 cents since, closing at 4 cents on Monday.