PLNI - Game Over Message Board

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Microcap & Penny Stocks : PLNI - Game Over

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To: yardslave who wrote (5323)	7/6/2006 8:48:55 PM
From: scion	of 12518

The District Court rejected the first defense because the statutory safe harbor does not apply to Commission enforcement actions, or to penny stocks, ... More details - Message 22602103 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Rel. No. 53122 A/ January 13, 2006 Admin. Proc. File No. 3-11573 sec.gov The District Court rejected the first defense because the statutory safe harbor does not apply to Commission enforcement actions, or to penny stocks, ... [...] Respondents' characterization of these statements as protected, forward-looking statements under the statutory safe harbor provisions of the Securities Act and the Exchange Act is inapposite since issuers of penny stock are specifically excluded from the safe harbor protection of those provisions.. 24/ Also, the safe harbor protects a speaker from liability for forward-looking statements only in private actions, not in enforcement actions brought by the Commission. sec.gov

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