--SEC suspends trading of seven stocks over questions concerning available public information --SEC has been ramping up efforts to crack down on companies that are dormant or delinquent in their public disclosures.
(Updated to include suspension of Indocan Resources Inc.)
DOW JONES NEWSWIRES
The U.S. Securities and Exchange Commission temporarily suspended trading of Indocan Resources Inc. (IDCN) because of questions concerning the adequacy of the company's publicly available information. The Morehead City, N.C., company trades in the over-the-counter markets and the suspension ends June 7. The SEC also suspended trading of six other stocks through June 6, as the regulator continues to crack down on companies that haven't filed periodic reports. The suspended companies are Quintek Technologies Inc. (QTEK); Saint James Co. (STJC); Urigen Pharmaceuticals Inc. (URGP); Valor Energy Corp. (VLEN); Wherify Wireless Inc. (WFYW); and WinWin Gaming Inc. (WNWN). The SEC has halted trading of several noncompliant companies over the past year as it ramps up efforts to crack down on fraud, such as pump-and-dump schemes, involving microcap companies that are dormant or delinquent in their public disclosures. Microcap firms typically have limited assets and low-priced stock that trades in low volumes.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com
(END) Dow Jones Newswires May 24, 2012 10:26 ET (14:26 GMT) Copyright (c) 2012 Dow Jones & Company, Inc.- - 10 26 AM EDT 05-24-12 Source: DJ Broad Tape
IDCN.PK Court Removes Board of Directors of Indocan
On 10/17/2011, a shareholder of Indocan (PINKSHEETS: IDCN) filed a complaint against Indocan Resources, Inc., Jeffrey R. Bruhjell and Angela K. Harrison IN THE FIRST JUDICIAL DISTRICT COURT OF THE STATE OF WYOMING IN AND FOR THE COUNTY OF LARAMIE seeking removal of the current directors and voiding certain actions taken by Indocan and its directors.
(Case No. 178-874).
On 3/5/2012, the Court found, in addition to other violations, that Indocan failed to notify shareholders of the 6/27/2011 annual shareholders' meeting in violation of Wyoming Statute 17-16-705(a) and Indocan failed to give shareholders not notified of the 6/27/2011 annual shareholders' meeting the right to vote at the meeting in violation of Wyoming Statute 17-16-701(a).
On 3/5/2012, the Court entered a judgment against Indocan and ordered the following:
1. The 6/27/2011 illegal annual shareholders' meeting for Indocan is declared null and void.
2. All actions taken at the 6/27/2011 illegal annual shareholders' meeting for Indocan are declared null and void.
3. The 2.5 billion shares of Indocan common stock given to Bruhjell and Harrison at the 6/27/2011 illegal annual shareholders' meeting for Indocan are declared null and void.
4. The current board of directors of Indocan is removed pursuant to Wyoming Statute 17-16-809.
5. Kenneth R. Ash is appointed custodian of Indocan with all the powers and duties of a duly constituted board of directors pursuant to Wyoming Statute 17-16-748(a)(ii) to manage the affairs of Indocan until such time as a new board of directors can be elected.
6. It is ordered that a shareholders' meeting be held to elect directors of Indocan and that shareholders of Indocan entitled to vote be notified of and given the right to participate in the meeting and the election of directors pursuant to Wyoming Statute 17-16-703(a)(i). Kenneth R. Ash Court Appointed Custodian of Indocan Resources, Inc. 910-300-8189 Office 252-342-8700 Cell
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