Per the Order, the SEC is concerned about “the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in Sovereign Lithium’s common stock”.
The Company has not participated, financed, or benefited from any Mass Campaign and was not aware of its activity or implementation. The Company strictly adheres to all rules of communication and has never paid or participated in any Mass Campaign.
"We have been informed that the Company has been the subject of a multi-pronged promotional campaign without our knowledge or consent," stated Sovereign Lithium, Inc.’s CEO, Felipe Pimienta. "We are actively looking into who may be behind this campaign and intend to issue cease and desist letters to any and all participants we can successfully identify. We can assert definitively that the Company and its principals have not paid for such a promotional campaign, nor were we consulted as to the content of the promotional materials used. Our filings will show the Company has made no payments to any of the alleged promoters. Further, not one officer, director or affiliate of the Company has sold a share of its stock or paid for any stock promotion."
The Company intends to work with the SEC to resolve any questions the agency may have in an effort to remove the Order as soon as possible. The Order is in effect until 11:59 pm on November 29, 2013.
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