A small but potentially important correction regarding SEC trading suspensions:
It has been stated elsewhere on the thread by a poster whose statements on regulatory matters are usually quite reliable, that the SEC doesn't halt stocks mid day. While this is almost invariably the case, there is no rule which says that this must be so. Following this text is a partial copy of an announcement of an SEC trading halt which occurred during the trading session. The stock in question was an OTCBB issue resulting from a reverse merger. After very volatile trading on the first day and a half as a new entity, the SEC stepped in (see #reply-3702991 for the announcement and #reply-3706152 for further details on the day and a half of trading prior to the trading suspension). I suspect the SEC acted midday because the perceived need for immediate action to protect investors was judged more important than waiting until the start of the next trading day per their usual practice.
AN ANNOUNCEMENT FROM THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION:
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934
RELEASE NO. 39749/ March 13, 1998
The Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the "Exchange Act"), of over-the-counter trading of the securities of International Heritage, Inc. ("IHIN"), a Raleigh, North Carolina company which holds itself out to be a direct sales organization selling various products, including lines of expensive jewelry, collectibles, luggage, golf equipment and long distance service, from 1:00 P.M. EST, March 13, 1998 through 11:59 P.M. EST, on March 26, 1998.
#reply-3702991
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