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Technology Stocks : XYBR - Xybernaut

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To: Don Hand who wrote (4807)	3/4/2002 4:11:49 PM
From: StockDung	Read Replies (1) of 6847

What would life be like if I did not update you on Mark Bergmans latest "HOT STOCK" SEC sues Eagle Building for fictitious revenues WASHINGTON, March 1 (Reuters) - U.S. regulators on Friday filed a lawsuit against Eagle Building Technologies Inc. <EGBT.OB>, alleging the company had rung up nonexistent revenue on its balance sheet and preyed on public security fears after the Sept. 11 attacks. The U.S. Securities and Exchange Commission alleged the Boca Raton, Florida-based company engaged in a massive financial fraud by recording millions of dollars of imaginary revenue from its foreign operations in India. Eagle develops precision-engineered machinery for the construction industry. The SEC, which last month temporarily suspended Eagle trading, on Friday won a preliminary injunction from U.S. District Court in Washington against both the company and its Chairman and Chief Executive Anthony Damato. The defendants accepted the injunction without admitting or denying the charges. An Eagle spokesman was not immediately available for comment. The SEC complaint also alleged Eagle issued three false and misleading press releases, which touted anti-terrorism security devices and were designed to capitalize on public anxiety after the deadly hijack attacks on New York and Washington. On Feb. 15 the SEC imposed a 10-day trading suspension on Eagle shares because it doubted the accuracy of the company's claims about an airport baggage security system, technology to sterilize mail and software which could detect money laundering. The company's shares, which were halted through Friday, closed on Feb. 14 at $1.44 on the Bulletin Board. The SEC said it wanted a permanent injunction, civil penalties and those who cashed in on the financial fraud to hand over their ill-gotten gains. 18:53 03-01-02

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