trading of the securities of Biomaxx Systems, Inc. (Biomaxx), commencing at 9:30 a.m.
trading of the securities of Biomaxx Systems, Inc. (Biomaxx), commencing at 9:30 a.m., No. 2:07-CV-00506 (Jan. 18, 2008)
The U.S. SEC suspended trading in Biomaxx Systems, Inc. from September 24 to October 5, 2007, due to concerns over potential market manipulation and insufficient public information about individuals with prior fraud judgments, the company’s financial status, and opaque foreign offerings, without filing formal charges.
The U.S. Securities and Exchange Commission temporarily suspended trading in Biomaxx Systems, Inc. securities from September 24 to October 5, 2007, under Section 12(k) of the Securities Exchange Act of 1934. The suspension was prompted by concerns of market manipulation and lack of reliable public information regarding the identities of individuals involved—some with prior securities fraud judgments—Biomaxx’s financial performance, and unclarified offerings to foreign investors with ambiguous resale restrictions. No formal charges or monetary penalties were imposed, as the action was a precautionary measure to protect investors pending fuller disclosure.
The U.S. Securities and Exchange Commission temporarily suspended trading in Biomaxx Systems, Inc. securities from September 24 to October 5, 2007, under Section 12(k) of the Securities Exchange Act of 1934. The suspension was triggered by concerns that the market may have been influenced by manipulative or deceptive practices, compounded by a severe lack of current, reliable public information about the company. Specifically, the SEC highlighted unresolved questions about the identities of individuals involved in the offer or sale of Biomaxx shares, some of whom may have prior securities fraud judgments, as well as unclear financial performance, business prospects, and offerings to foreign investors with ambiguous resale restrictions. The action was not a formal enforcement proceeding and did not result in charges or penalties, but served as a protective measure to prevent investor harm in a high-risk, thinly traded security. The SEC warned brokers and dealers that they could not resume quoting Biomaxx shares after the suspension unless they strictly complied with Rule 15c2-11, which requires thorough disclosure before publishing quotations. The Commission urged anyone with relevant information about the company or its participants to contact SEC staff, emphasizing the need for transparency and compliance. Investors and market participants were cautioned to exercise extreme care and consider all available information before engaging with Biomaxx securities during or after the suspension period.
Extracted insights
- agency staff of the securities and exchange commission
- person temporary suspension
- company temporary suspension of trading of the securities of biomaxx systems, inc.
- U.S. Securities and Exchange Commission announced temporary suspension of trading of the securities of Biomaxx Systems, Inc.
- U.S. Securities and Exchange Commission temporarily suspended trading in the securities of Biomaxx
- Commission cautions brokers, dealers, shareholders and prospective purchasers
- broker or dealer should contact staff of the Securities and Exchange Commission
- broker, dealer or other person should contact Gregory G. Faragasso, Assistant Director
- broker or dealer enters quotation in violation of the rule
- Commission will consider need for prompt enforcement action
- temporary suspension commences 9:30 a.m. EDT on September 24, 2007
- temporary suspension terminates 11:59 p.m. EDT on October 5, 2007
U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 56499 / September 24, 2007 SECURITIES AND EXCHANGE COMMISSION SUSPENDS TRADING IN BIOMAXX SYSTEMS, INC. The U.S. Securities and Exchange Commission announced the temporary suspension of trading of the securities of Biomaxx Systems, Inc. (Biomaxx), commencing at 9:30 a.m. EDT on September 24, 2007 and terminating at 11:59 p.m. EDT on October 5, 2007. The Commission temporarily suspended trading in the securities of Biomaxx 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, or in connection with the purchase or sale, of Biomaxx shares; (2) the financial performance and business prospects of Biomaxx; 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) Section 12(k). 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. 56499 / September 24, 2007 SECURITIES AND EXCHANGE COMMISSION SUSPENDS TRADING IN BIOMAXX SYSTEMS, INC. The U.S. Securities and Exchange Commission announced the temporary suspension of trading of the securities of Biomaxx Systems, Inc. (Biomaxx), commencing at 9:30 a.m. EDT on September 24, 2007 and terminating at 11:59 p.m. EDT on October 5, 2007. The Commission temporarily suspended trading in the securities of Biomaxx 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, or in connection with the purchase or sale, of Biomaxx shares; (2) the financial performance and business prospects of Biomaxx; 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) Section 12(k). 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].