SEC/Save The World Air -3: Co Said Ford 'Interested'>ZERO
7/20/0 12:30 (New York)
In a June 29 press release, Save the World Air announced that Ford Motor
was
interested in testing the firm's product and that discussions with Ford were
under way.
"There are concerns about what the company is saying publicly" about its
ties
to Ford and its pollution-control device, said Wayne Carlin, a senior
associate
regional director in the SEC's New York office.
Ford and Save the World Air didn't immediately return phone calls seeking
comment.
Save the World Air hasn't been shy about publicity previously, and posted
an
edited version of the first New York Times article on its Web site. The
edited
version omitted criticism of the company and highlighted the dramatic rise in
its stock, which was noted in a second New York Times article.
On Tuesday, at the request of the New York Times, Save the World Air issued
a
press release that reprinted the entire Times article, titled "Saving the
World? At Least Selling Stock."
Whether the stock can be sold once the trading halt ends on Aug. 2 is an
open
question. After a trading suspension, brokers and market makers cannot resume
trading in a stock unless they believe they have accurate information about
the
firm.
SEC officials declined to comment on the company or the suspension, except
to
say stockholders and prospective investors should consider it and all
subsequent information about the company very carefully.
"A trading suspension is an extremely strong measure that the commission
uses
sparingly, where there is substantial evidence of a company being responsible
for egregious misrepresentations," Carlin explained.
That message wasn't ignored on message boards on Thursday.
"The SEC doesn't halt trading on a stock for frivolous reasons," wrote one
contributor to the Raging Bull message board. Another marveled at the stock's
movement, writing: "10 cents to $14 to ZERO!! WOW!."
-By Judith Burns, Dow Jones Newswires; 202-862-6692;
judith.burns@dowjones.com
(END) DOW JONES NEWS 07-20-00
12:30 PM- - 12 30 PM EDT 07-20-00 |
