Wamex Trading Halted by SEC, Citing Lack of Clear Information
Washington, June 14 (Bloomberg) -- The Securities and
Exchange Commission halted trading in Wamex Holding Inc. shares,
saying there's a lack of accurate information about the company
planning to open an alternative stock market.
The SEC suspended trading in the stock today at 9:30 a.m.
Washington time, until June 27.
``Questions have been raised about the accuracy and adequacy
of publicly disseminated information'' from Wamex, the SEC said.
The uncertainty involves the company's ability to comply with
regulations of running its proposed securities exchange, as well
as the company's raising of funds from investors.
``In addition, recent market activity in Wamex securities may
be the result of manipulative conduct or other illegal activity,''
the agency said in its order halting trading.
Wamex shares rose 1/32 to 1 5/8 yesterday. The stock rose
from less than 1 in January to as high as 5 23/32 on Feb. 28
before falling back.
The company earlier today issued a news release announcing a
June 20 conference call for investors. The company said it plans
to start its Alternative Trading System, allowing investors to buy
and sell directly and anonymously, without brokers or dealers, on
July 4. |
