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Non-Tech : SLJB - Sulja Brothers Building Supply, Inc.
SLJB 0.000001000-90.0%Jun 4 9:43 AM EST
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To: scion who wrote (1549)6/28/2007 11:56:41 AM
From: scion   of 1681
 
The Ontario Securities Commission (OSC) put a province-wide trading halt on Sulja Bros. stock last December.

Allegations of manipulating stock prices, issuing false and misleading press releases, and selling stock without issuing a prospectus were made last December against a Nevada-incorporated company with the Sulja name and its former CEO Petar Vucicevich.

Also charged were the Harrow-based Sulja Bros., another company of Vucicevich's called Kore International Management, and a San Antonio, Texas resident, Andrew DeVries.

The OSC has extended the trading halt several times while its investigation continues. Next hearing is scheduled for July 5 in Toronto.

Sulja stock has traded recently in the U.S. over-the-counter market for about 1.5 cents per share. It traded as high as 21 cents a share last year.

In a January press release, the company acknowledged it was also under scrutiny from the U.S. Securities and Exchange Commission. The company cautioned investors then not to rely upon any of its previous press releases or other public statements.

A class action lawsuit has been launched in the U.S. against the public company as well as Steve Sulja and Vucicevich by one investor, who said buying the stock ruined his life, wiping out $67,000 US in retirement savings.

A separate lawsuit is proceeding in Detroit against Loftwerks Inc., the publicly traded company that Sulja Bros. claimed to have merged with last year.

canada.com.
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