FOR IMMEDIATE RELEASE
Washington D.C. — The Securities and Exchange Commission today announced suspensions in trading for nine different penny stocks as part of an ongoing enforcement initiative to combat microcap fraud.
Trading suspensions provide the SEC with a means to immediately neutralize potential threats to investors when questions have arisen pertaining to the accuracy and adequacy of information about publicly traded companies.
Under the federal securities laws, the SEC can suspend trading in a stock for 10 days and generally prohibit a broker-dealer from soliciting investors to buy or sell the stock again until certain reporting requirements are met. More information about the trading suspension process is available in an SEC investor bulletin on the topic.
The companies involved in the trading suspension announced today were identified during an SEC analysis of heavily promoted microcap issuers. The SEC’s Enforcement Division last year created a Microcap Fraud Task Force to target abusive trading and fraudulent conduct in securities issued by microcap companies, especially those that do not regularly publicly report their financial results.
“These trading suspensions are part of the SEC’s continued focus on surveying the penny stock market for suspicious activities,” said Andrew Ceresney, Director of the SEC’s Division of Enforcement. “Using various tools at our disposal including trading suspensions, we will persist in our efforts to combat microcap fraud.”
The following companies are subject to the trading suspension announced today:
- All Grade Mining Inc. (HYII)
- Bluforest Inc. (BLUF)
- DHS Holding Co. (DHSM)
- Essential Innovations Technology Corp. (ESIV)
- Global Green Inc. (GOGC)
- Inova Technology Inc. (INVA)
- mLight Tech Inc. (MLGT)
- Solar Thin Films Inc. (SLTZ)
- Xumanii International Holdings Corp. (XUII)
The SEC appreciates the assistance of the Financial Industry Regulatory Authority.