Replies to post #94596 on Laidlaw Energy Group, Inc.(fka LLEG)

[NorthernNHGuy]

Laidlaw has not been involved in Berlin BioPower since September, 2010.

http://www.berlindailysun.com/featured/story/sec-action-against-laidlaw-does-not-effect-berlin-biomass-project" rel="nofollow" target="_blank" >http://www.berlindailysun.com/featured/story/sec-action-against-laidlaw-does-not-effect-berlin-biomass-project

SEC action against Laidlaw does not effect Berlin biomass project
By Barbara Tetreault
Jun 09, 2011 12:00 am





BERLIN –Laidlaw Energy Group is one of 17 companies that has had its trading halted by the U.S. Securities and Exchange Commission. All 17 trade in microcap or penny stocks on the over-the-counter market.

Laidlaw Energy Group is part of the corporation that developed the biomass plant proposed for Berlin.

In the case of Laidlaw Energy, the SEC said, “questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s operations, the accuracy of its financial statements, and stock promoting activity by the company”.

“They may be called ‘penny stocks,’ but victims of microcap fraud can suffer devastating losses,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “The SEC’s new Microcap Fraud Working Group is targeting the insiders and promoters, as well as the transfer agents, attorneys, auditors, broker-dealers, and other “gatekeepers” who flourish in the shadows of this less-than-transparent market.”

George Canellos, Director of the SEC’s New York Regional Office, added, “The investing public does not have accurate or adequate information about these securities to use in making informed investment decisions. Nonetheless, stock-touting websites, twitter users, and often anonymous individuals posting to Internet message boards have hyped many of these companies, and these promotional campaigns have been followed by spikes in share price and trading volume.”

Berlin BioPower issued a press release yesterday clarifying that Laidlaw Energy Group no longer has any equity interest in the 75-megawatt biomass plant proposed for Berlin.

“In the wake of the Security Exchange Commission's (SEC) decision to suspend trading of Laidlaw Energy Group’s ("LLEG") stock, it is necessary for Berlin BioPower to clarify that Laidlaw Energy Group no longer has any interest or role in our project. Laidlaw has not been involved in Berlin BioPower since September, 2010. Therefore, this SEC action has no effect whatsoever on our project,” said Berlin BioPower spokesperson Richard Cyr.

Michael Bartoszek, CEO of Laidlaw Energy Group, said his company has discussed the matter with the SEC and believes it is simply a misunderstanding. He said they will be writing to the SEC promptly to address the federal agency’s concerns and hope to release that letter or make a formal public statement soon.