trading of the securities of Xiiva Holdings, Inc (Xiiva), commencing at 9:30 a.m. EST on
trading of the securities of Xiiva Holdings, Inc (Xiiva), commencing at 9:30 a.m. EST on, No. 2:07-CV-00506 (Jan. 18, 2008)
The U.S. SEC suspended trading in Xiiva Holdings, Inc. from December 14 to December 28, 2007, due to concerns over market manipulation and insufficient public disclosure regarding fraudulent actors, unclear financials, and questionable foreign offerings, without levying formal charges or penalties.
The U.S. Securities and Exchange Commission temporarily suspended trading in Xiiva Holdings, Inc. from December 14 to December 28, 2007, under Section 12(k) of the Securities Exchange Act of 1934. The suspension was prompted by concerns of market manipulation and inadequate public information, including undisclosed identities of individuals with prior securities fraud judgments, unclear financial performance, and unverified offerings to foreign investors with ambiguous resale restrictions. No monetary penalties or formal charges were imposed, as this was a precautionary measure to protect investors until reliable disclosures could be made.
The U.S. Securities and Exchange Commission temporarily suspended trading in Xiiva Holdings, Inc. from December 14 to December 28, 2007, under Section 12(k) of the Securities Exchange Act of 1934, citing concerns of potential market manipulation and insufficient current public information. The Commission specifically highlighted three critical gaps: the identities of individuals involved in Xiiva’s share offerings—some of whom had prior securities fraud judgments—were undisclosed; the company’s financial performance and business prospects were unclear; and offerings to foreign investors, along with restrictions on resale of shares, lacked transparency. This action was not an enforcement proceeding and did not result in any formal charges, fines, or penalties, but was instead a protective measure to prevent investor harm during a period of high uncertainty. The SEC warned brokers and dealers that they could not resume quoting Xiiva’s securities after the suspension unless they strictly complied with Rule 15c2-11, which requires thorough verification of public information before publishing quotations. The agency urged all market participants, including shareholders and prospective purchasers, to exercise extreme caution and review all available information before engaging in any transactions involving Xiiva. Anyone with information related to potential misconduct was encouraged to contact SEC staff, specifically Gregory G. Faragasso, Assistant Director, to assist in further investigations. The suspension aimed to restore market integrity by halting trading until accurate, verifiable disclosures could be made to the public.
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- agency Securities and Exchange Commission
- agency the staff of the securities and exchange commission in washington, dc
- company the temporary suspension of trading of the securities of xiiva holdings, inc
- U.S. Securities and Exchange Commission announced the temporary suspension of trading of the securities of Xiiva Holdings, Inc
- The Commission suspended trading in the securities of Xiiva
- The Commission cautions brokers, dealers, shareholders and prospective purchasers
- Brokers and dealers should be alert to the fact that no quotation may be entered relating to the securities of the subject company
- Any broker or dealer should contact the staff of the Securities and Exchange Commission in Washington, DC
- The Commission will consider the need for prompt enforcement action
- Any broker, dealer or other person should contact Gregory G. Faragasso, Assistant Director
U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 56965 / December 14, 2007 SECURITIES AND EXCHANGE COMMISSION SUSPENDS TRADING IN XIIVA HOLDINGS, INC. The U.S. Securities and Exchange Commission announced the temporary suspension of trading of the securities of Xiiva Holdings, Inc (Xiiva), commencing at 9:30 a.m. EST on December 14, 2007 and terminating at 11:59 p.m. EST on December 28, 2007. The Commission temporarily suspended trading in the securities of Xiiva because the market may be reacting to manipulative forces or deceptive practices and there is insufficient current public information about the issuer upon which an informed investment decision may be made, particularly concerning (1) the identity of and prior securities fraud judgments against persons who appear to be involved in the offer and sale of Xiiva shares; (2) the financial performance and business prospects of Xiiva; and (3) offerings to foreign investors and any restrictions on the resale of shares. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act). The Commission cautions brokers, dealers, shareholders and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by this company. Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2- 11, at the termination of the trading suspensions, no quotation may be entered relating to the securities of the subject company unless and until the broker or dealer has strictly complied with all of the provisions of the rule. If any broker or dealer is uncertain as to what is required by the rule, it should refrain from entering quotations relating to the securities of this company that has been subject to a trading suspension until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. Any broker or dealer with questions regarding the rule should contact the staff of the Securities and Exchange Commission in Washington, DC at (202) 551-5720. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action. If any broker, dealer or other person has any information which may relate to this matter, they should contact Gregory G. Faragasso, Assistant Director, at (202) 551-4734, or by email at [email protected].
U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 56965 / December 14, 2007 SECURITIES AND EXCHANGE COMMISSION SUSPENDS TRADING IN XIIVA HOLDINGS, INC. The U.S. Securities and Exchange Commission announced the temporary suspension of trading of the securities of Xiiva Holdings, Inc (Xiiva), commencing at 9:30 a.m. EST on December 14, 2007 and terminating at 11:59 p.m. EST on December 28, 2007. The Commission temporarily suspended trading in the securities of Xiiva because the market may be reacting to manipulative forces or deceptive practices and there is insufficient current public information about the issuer upon which an informed investment decision may be made, particularly concerning (1) the identity of and prior securities fraud judgments against persons who appear to be involved in the offer and sale of Xiiva shares; (2) the financial performance and business prospects of Xiiva; and (3) offerings to foreign investors and any restrictions on the resale of shares. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act). The Commission cautions brokers, dealers, shareholders and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by this company. Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2 11, at the termination of the trading suspensions, no quotation may be entered relating to the securities of the subject company unless and until the broker or dealer has strictly complied with all of the provisions of the rule. If any broker or dealer is uncertain as to what is required by the rule, it should refrain from entering quotations relating to the securities of this company that has been subject to a trading suspension until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. Any broker or dealer with questions regarding the rule should contact the staff of the Securities and Exchange Commission in Washington, DC at (202) 551-5720. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action. If any broker, dealer or other person has any information which may relate to this matter, they should contact Gregory G. Faragasso, Assistant Director, at (202) 551-4734, or by email at [email protected]. http:[email protected]