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3 Jun 2013, 1:33 pm by Securites Lawprof
Thinly-traded dormant microcap companies are frequently used by fraudsters in... [read post]
7 Dec 2018, 4:12 am by Guest
Two months after the receipt of the notice, SEBI directed the exchanges to place these “suspected shell companies” under Graded Surveillance Measure (GSM) stage VI, wherein trading in the company’s securities is restricted to once a month under the trade to trade category along with stoppage of any upward price movement and high trade deposits collected from buyers. [read post]
26 Feb 2014, 1:43 pm
This suspension in trading prevents those who commit fraud from manipulating these shell companies. [read post]
14 Dec 2009, 3:42 am by David Feldman
Thus, these shareholders have the small window when the shell is a shell in order to use the 144 exemption to sell, then must wait like all other holders. [read post]
14 May 2012, 1:06 pm by Securites Lawprof
The SEC suspended trading in the securities of 379 dormant companies because of concern that they could be hijacked by fraudsters and used to harm investors through reverse mergers or pump-and-dump schemes. [read post]
15 May 2012, 2:45 pm by David Feldman
As noted below, yesterday the SEC suspended trading for 10 days in 379 shell companies which are non-reporting. [read post]
30 Mar 2018, 4:17 am by Corbin Bridge
Both shelf and shell companies have a purpose and can be used in a completely legal manner. [read post]
14 May 2012, 8:35 am by David Feldman
This morning, the SEC announced a huge suspension in trading of 379 non-reporting shell companies, the largest suspension in the SEC’s history, according to their press release. [read post]
24 Jan 2011, 6:36 pm by David Feldman
Sometimes the opposite happens and a trading shell’s stock trades down after a reverse merger is closed.  [read post]
24 Apr 2012, 4:13 am by David Feldman
In addition, newly created trading shells that are trading (ie those with a “business” that allows them to trade but they are marketed as shells) after December 8 will have to complete their IPO to start trading, which means that the benefits in the JOBS Act that are limited to the IPO will be used up and not be able to be used again post-merger. [read post]
4 Jun 2009, 6:53 pm
Catherine Boyle of the TimesOnline reports: Shell, one of the world's biggest oil companies, will go on trial over allegations that it was complicit in the execution of a well-known Nigerian environmental activist and author… If the action is successful, the trial will be a landmark case on how global companies can be held accountable for human rights abuses in countries in which they operate. [read post]
25 Oct 2011, 7:04 am by David Feldman
Thus, while Rule 419 stopped the direct IPOs of shells, players basically got around this by acquiring remants of operating public companies and taking tiny companies public to then use as shells. [read post]
4 Apr 2012, 11:52 am by David Feldman
The announcement didn't say, but presumably they bypass seasoning because the technical language of the seasoning rule says that it only applies after a reverse merger with a US SEC-reporting shell company. [read post]
24 Jan 2014, 1:07 am by By NEIL GOUGH
Citic 21CN's shares rose by as much as 500 percent as investors bet Alibaba might try to use the company as a shell for a "backdoor" listing in Hong Kong, but the trades may prove overly optimistic. [read post]
9 Nov 2011, 8:48 pm by David Feldman
In sum, companies completing reverse mergers with SEC-reporting shell companies will now have to “season” by trading on the over-the-counter markets or another national exchange for one year, and timely filing all its periodic reports with the SEC before seeking to uplist to these major exchanges. [read post]
11 Apr 2013, 3:56 pm by Frank Pasquale
Intellectual Ventures has used at least 1276 shell companies to purchase and hold patents. [read post]
18 May 2011, 8:25 am by David Feldman
After selling one of the biggest US concert promotion companies for billions and waiting out his non-compete, he decided to get back in business by buying a shell then buying some companies using the shell. [read post]
10 Jun 2009, 5:27 am
After years and years of denial and expressing its innocence of the Ogoni affair (it still maintains its innocence), Shell has decided to settle a case brought against it out of court for a sum of 15.5 Million US $. [read post]
16 Dec 2011, 10:45 am by SECLaw Staff
Shell packagers who buy and sell public companies for use by fraudsters have no rightful place in our markets,” said David Rosenfeld, Associate Director of the SEC’s New York Regional Office. [read post]
31 Oct 2016, 5:11 pm
Typically, shell companies are used by investment banks and financial institutions as vehicles to complete these types of deals because the shell companies are simply structured and can be registered with the SEC easily and inexpensively prior to the reverse merger. [read post]