More dirt on GTSM.
In a 1997 GTSM press release, it was M.H. Meyerson & Co., Inc. (Nasdaq: MHMY) that helped GTSM with the private placement that that was supposedly going to lead to sales and profitability in 1997.
The investment was suspicious because of the lying press releases GTSM issued around the same (the 1996 production facility that apparently didn't exist, for example) and because we know that in reality GTSM now admits NO OPERATIONS since 1990.
But it makes MHMY look bad too -- were it in on the scam? MHMY looks pretty sleezy too.
Birds of a feather?
- Charles
========== 2003 ===========================
biz.yahoo.com
The complaint charges that Meyerson and certain of its officers and directors violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market between February 28, 2000 and April 9, 2002. Meyerson is a NASD registered broker/dealer and investment banking firm. The complaint alleges that Meyerson failed to disclose in its required Securities & Exchange Commission ("SEC") filings material facts regarding pending litigation, including among other cases, that the Company neglected to disclose that it was the subject of a pending arbitration claim that ultimately resulted in a $5.0 million award against Meyerson. The complaint further alleges that Meyerson misrepresented in its SEC filings that it was the 50.0% owner of a financial software company, TradinGear.com, Inc. In fact, neither Meyerson, nor Emeyerson, ever held more than 5.0% of TradinGear's stock
========= 1997 ===========================
February 4, 1997, Tuesday
SECTION: Financial News
HEADLINE: Galtech Completes Private Placement
Galtech Semiconductor Materials Corp. (OTC Bulletin Board: GTSM) announced today that it has completed a private placement with private investors and M.H. Meyerson & Co., Inc. (Nasdaq: MHMY) a securities firm located in Jersey City, New Jersey.
Galtech CEO, Russell Chapman, commented, "This funding enables us to acquire strategic production equipment which marks the emergence of Galtech from a development stage company to a production company in its Semiconductor Materials Division.
For the balance of 1997 we anticipate making significant market penetration with our Cadmium Telluride product and are expecting profitability by the end of the third quarter." |
