trading of the securities of Avitech LifeSciences, Inc. (Avitech), commencing at 9:30
trading of the securities of Avitech LifeSciences, Inc. (Avitech), commencing at 9:30, No. 2:07-CV-00506 (Jan. 18, 2008)
The U.S. SEC suspended trading in Avitech LifeSciences, Inc. from December 14 to December 28, 2007, due to concerns over potential market manipulation and insufficient public information regarding prior fraud-linked individuals, unclear financials, and questionable foreign offerings, without filing formal charges or citing dollar amounts.
The U.S. Securities and Exchange Commission temporarily suspended trading in Avitech LifeSciences, Inc. securities from December 14 to December 28, 2007, under Section 12(k) of the Securities Exchange Act of 1934. The suspension was prompted by concerns over manipulative market activity and a lack of reliable public information, including undisclosed involvement of individuals with prior securities fraud judgments, ambiguous financial performance, and unclarified offerings to foreign investors with potential resale restrictions. No formal charges, monetary penalties, or specific individuals were named in the order, which served as a precautionary measure to protect investors and required brokers to comply with Rule 15c2-11 before resuming quotations.
The U.S. Securities and Exchange Commission temporarily suspended trading in Avitech LifeSciences, Inc. securities from December 14 to December 28, 2007, under Section 12(k) of the Securities Exchange Act of 1934, citing concerns over potential market manipulation and insufficient public information. The SEC specifically highlighted three areas of concern: the identity and prior securities fraud histories of individuals involved in the offer and sale of Avitech shares, the company’s unclear financial performance and business prospects, and the nature of offerings to foreign investors along with restrictions on resale of shares. No formal charges, monetary penalties, or named individuals were disclosed in the order, as the action was precautionary rather than punitive. The Commission warned brokers, dealers, and investors to exercise caution and emphasized that no quotations could resume until Rule 15c2-11 was fully complied with. Brokers and dealers were urged to verify compliance before entering any quotes, with the SEC reserving the right to pursue enforcement against violations. The SEC also invited anyone with relevant information to contact its staff, indicating an ongoing investigation into possible deceptive practices. This suspension aimed to prevent investor harm in a market lacking transparency and reliable disclosures, without yet concluding any findings of fraud or initiating litigation.
Extracted insights
- organization The Commission
- person this order
- U.S. Securities and Exchange Commission announced temporary suspension of trading of the securities of Avitech LifeSciences, Inc.
- The Commission temporarily suspended trading in the securities of Avitech
- The Commission cautions brokers, dealers, shareholders and prospective purchasers
- broker or dealer should refrain from entering quotations relating to the securities of this company
- broker or dealer should contact the staff of the Securities and Exchange Commission in Washington, DC
- broker, dealer or other person should contact Gregory G. Faragasso, Assistant Director
- This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934
- Commission will consider need for prompt enforcement action
U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 56964 / December 14, 2007 SECURITIES AND EXCHANGE COMMISSION SUSPENDS TRADING IN AVITECH LIFESCIENCES, INC. The U.S. Securities and Exchange Commission announced the temporary suspension of trading of the securities of Avitech LifeSciences, Inc. (Avitech), 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 Avitech 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 Avitech shares; (2) the financial performance and business prospects of Avitech; 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. 56964 / December 14, 2007 SECURITIES AND EXCHANGE COMMISSION SUSPENDS TRADING IN AVITECH LIFESCIENCES, INC. The U.S. Securities and Exchange Commission announced the temporary suspension of trading of the securities of Avitech LifeSciences, Inc. (Avitech), 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 Avitech 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 Avitech shares; (2) the financial performance and business prospects of Avitech; 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]