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Microcap & Penny Stocks : LGOV: For the Serious Investor

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To: puddinhead who wrote (517)	3/28/2000 10:41:00 PM
From: puddinhead	Read Replies (1) of 608

BR, More bad news for the corporate director. Shares of eConnect Inc. (NASDAQ: ECNC - news), an online auction site operator, fell $8.75 to $1.25 this morning, following a two-week trading halt. EConnect and its CEO, Thomas Hughes, were charged last week by regulators with inflating the value of the company by distributing false and misleading press releases over the Internet. The SEC's civil fraud suit alleges eConnect falsely claimed the company and a joint venture partner has a unique licensing agreement with Palm Inc. (NASDAQ: PALM - news). It also alleges that eConnect falsely claimed one of its units had a strategic alliance with Empire Financial Group, a Florida brokerage, that would allow cash transactions over the Internet. The suit marks the SEC's second move against the company this month. On March 13, the SEC halted trading of the stock for two weeks, citing questions about the accuracy of the company's press releases. Earlier this month, the press releases that are at the center of the allegations led the stock to rise as high as $21.88 on March 9. Oh my................

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