This is from the SEC's daily news digest from its website:
SOLV-EX CORPORATION, TWO EXECUTIVE OFFICERS NAMED IN INJUNCTIVE
COMPLAINT
The Commission announced that on July 20 it filed a
complaint alleging that Solv-Ex Corporation of
Albuquerque, New Mexico, its CEO, John S. Rendall, and
its vice president, Herbert Campbell II disseminated
false and misleading statements between January 1995 and
April 1997 concerning Solv-Ex's products and the status
of certain purported proprietary technologies. According
to the Commission's complaint, the three defendants
falsely claimed that Solv-Ex had an operational facility
to extract commercial grade bitumen from oil sands in
Alberta, Canada, that the extraction process also yielded
salable industrial minerals, and that the company had
successfully tested a revolutionary electrolytic cell
which was capable of producing metallic aluminum. The
Commission's complaint alleges that these claims, which
inflated the price of Solv-Ex common stock from $5 to $38
per share, were false; that the company's products and
processes were unproven; and that its testing of the
electrolytic cell had failed. The Commission's
complaint seeks injunctive relief and an order requiring
Rendall and Campbell to pay a civil penalty. [SEC v.
Solv-Ex Corporation, et al., Civ. Action No. 98-860-LH,
D. New Mexico] (LR-15817) |
