On July 28, the Commission instituted public administrative proceedings pursuant to Section 12(j) of the Securities Exchange Act of 1934 against Great White Marine & Recreation, Inc. (Great White), a Waco, Texas company whose common stock is registered with the Commission pursuant to Section 12(g) of the Exchange Act seeking to revoke the registration of its securities. ...
Section 12(j) of the 1934 Act reads as follows:
The Commission is authorized, by order, as it deems necessary or appropriate for the protection of investors to deny, to suspend the effective date of, to suspend for a period not exceeding twelve months, or to revoke the registration of a security, if the Commission finds, on the record after notice and opportunity for hearing, that the issuer of such security has failed to comply with any provision of this title or the rules and regulations thereunder. No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked pursuant to the preceding sentence.
law.uc.edu
One question of course is whether this applies to a company which did not need to register its stock in the first place. If the answer is important to you, I suggest you consult a securites attorney (I am not in this category). |
