Steamtown 300, LLC v. Community Development Properties, Scranton, Inc.
raw: suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange
suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange, No. 3:22-cv-01914 (Dec. 5, 2022)
summary
The SEC temporarily suspended trading in Upper Street Marketing, Inc. (UPPR) securities due to concerns regarding inaccurate public disclosures and misleading financing claims.
paragraph
The SEC suspended trading of UPPR securities from June 28, 2019, to July 12, 2019, over questions regarding the accuracy of company disclosures. The investigation focused on misleading statements about $10.55 million in purported financing and inadequate information regarding a $3 million private stock offering. The Commission also noted discrepancies regarding the company's denial of investor relations activity despite apparent promotional efforts.
narrative
The Securities and Exchange Commission (SEC) issued a temporary trading suspension for Upper Street Marketing, Inc. (UPPR) from June 28, 2019, through July 12, 2019. The suspension was prompted by concerns regarding the adequacy and accuracy of the company's public information. Specifically, the SEC identified misleading statements concerning $10.55 million in purported financing and inadequate disclosures regarding a potential $3 million private offering of common stock. Additionally, the company had denied retaining an investor relations firm despite evidence of apparent promotional activity. The order also cautioned broker-dealers to strictly comply with Rule 15c2-11 before entering new quotations. The SEC acknowledged assistance from FINRA and OTC Markets Group in this matter.
Classified financial-fraud(confidence 80%). EDGAR detection: forms 10-K/10-Q/8-K/NT 10-K· recall 67% / precision 23%. detection rule →
Statutes
Section 12(k) of the Securities Exchange Act
Parties
Steamtown 300, LLCCommunity Development Properties, Scranton, Inc.
Keywords
exchangesecurities exchangesecuritiesupprcommissionbroker dealersuspension pursuantpursuant securitiesexchange exchangeexchange commissionpursuantinformationsuspensiontradingtrading securities
Extracted insights
Dollar amounts 2
- $10.55M $10.55 million $10M–$100M
- $3.00M $3 million $1M–$10M
Entities 2
- agency from financial industry regulatory authority (finra) and otc markets group, inc.
- agency Securities and Exchange Commission
Triples 9
- Securities And Exchange Commission announced temporary suspension of trading in the securities of Upper Street Marketing, Inc. (Uppr) at 9:30 a.m. EDT on June 28, 2019, terminating at 11:59 p.m. on July 12, 2019
- Securities And Exchange Commission suspended trading in the securities of Upper Street Marketing, Inc. (Uppr) due to questions about accuracy and adequacy of publicly disseminated information
- Upper Street Marketing, Inc. (Uppr) made public statements on May 8, 2019 and May 23, 2019 concerning $10.55 million worth of purported financing
- Upper Street Marketing, Inc. (Uppr) made public statements on April 30, 2019 and May 23, 2019 denying retention of an investor relations firm despite apparent promotional activity
- Upper Street Marketing, Inc. (Uppr) issued inadequate statements since at least November 2018 concerning a possible private offering of at least $3 million in UPPR's common stock
- Securities And Exchange Commission cautioned broker-dealers, shareholders, and prospective purchasers to consider all available information before trading Uppr securities
- Securities And Exchange Commission required compliance with Rule 15c2-11 under the Exchange Act for quotations to be entered after trading suspension termination
- Securities And Exchange Commission encouraged reporting of information related to this matter to Marc J. Blau or Roberto a. Tercero
- Securities And Exchange Commission appreciated assistance from Financial Industry Regulatory Authority (FINRA) and OTC Markets Group, Inc.
PDF
Text layers
Extracted body text (2,876c)
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 34- 86228 / June 27, 2019 The Securities and Exchange Commission (“Commission”) announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading in the securities of Upper Street Marketing, Inc. (“UPPR”), of San Diego, California at 9:30 a.m. EDT on June 28, 2019, and terminating at 11:59 p.m. on July 12, 2019. The Commission temporarily suspended trading in the securities of UPPR because of questions about the accuracy and adequacy of information publicly disseminated concerning UPPR, including, among other things: (1) public statements by UPPR dated May 8, 2019 and May 23, 2019 concerning $10.55 million worth of purported financing for UPPR; (2) public statements by UPPR dated April 30, 2019 and May 23, 2019 denying its retention of an investor relations firm despite apparent possible promotional activity on behalf of UPPR; and (3) inadequate statements, since at least November 2018, concerning a possible private offering of at least $3 million dollars in UPPR’s common stock. This order was entered pursuant to Section 12(k) of the Exchange Act. The Commission cautions broker-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 the company. Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff in the Division of Trading and Markets, Office of Interpretation and Guidance, at (202) 551-5777. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to UPPR’s securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. 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 that may relate to this matter, they should immediately contact Marc J. Blau, Assistant Regional Director, at (323) 965-3975, or Roberto A. Tercero, Senior Counsel, at (323) 965-3891. The Commission appreciates the assistance of the Financial Industry Regulatory Authority (FINRA) and OTC Markets Group, Inc.
OCR text (2,910c · tika · 95% conf)
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 34- 86228 / June 27, 2019 The Securities and Exchange Commission (“Commission”) announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading in the securities of Upper Street Marketing, Inc. (“UPPR”), of San Diego, California at 9:30 a.m. EDT on June 28, 2019, and terminating at 11:59 p.m. on July 12, 2019. The Commission temporarily suspended trading in the securities of UPPR because of questions about the accuracy and adequacy of information publicly disseminated concerning UPPR, including, among other things: (1) public statements by UPPR dated May 8, 2019 and May 23, 2019 concerning $10.55 million worth of purported financing for UPPR; (2) public statements by UPPR dated April 30, 2019 and May 23, 2019 denying its retention of an investor relations firm despite apparent possible promotional activity on behalf of UPPR; and (3) inadequate statements, since at least November 2018, concerning a possible private offering of at least $3 million dollars in UPPR’s common stock. This order was entered pursuant to Section 12(k) of the Exchange Act. The Commission cautions broker-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 the company. Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff in the Division of Trading and Markets, Office of Interpretation and Guidance, at (202) 551-5777. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to UPPR’s securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. 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 that may relate to this matter, they should immediately contact Marc J. Blau, Assistant Regional Director, at (323) 965-3975, or Roberto A. Tercero, Senior Counsel, at (323) 965-3891. The Commission appreciates the assistance of the Financial Industry Regulatory Authority (FINRA) and OTC Markets Group, Inc.