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Microcap & Penny Stocks : Leah Industries, Inc. (OTC-BB-LEAH)
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To: Andrew H who wrote (1565)3/12/1999 11:36:00 AM
From: Andrew H  Read Replies (2) of 2153
 
********************* RESPONSE FROM LEAH ********************

I just spoke with Irwin Boock again. LEAH's corporate attorney called the SEC and received the following information. The SEC was concerned about LEAH's acquisition of Adel Steel. This acquisition in fact never happened. LEAH did sign a letter of intent, but after they did their due diligence, decided they did not want to acquire the company. So there is absolutely not hint of any misinformation of wrong doing in regard to this acquisition.

Secondly the SEC apparently does not believe that D and T (CIS) is doing audit work for LEAH. In fact, they are, as stated, and this will be made clear, probably by D and T issuing a joint release with LEAH stating this.

It appears likely that some of the MMs who were short on this stock may have contacted the SEC and complained in order to cover their position at a lower price, given the bad press of an SEC suspension. If this is the case, I hope the SEC will look into those who complained and their motivations.

Finally, one wonders why the SEC shoots first and investigates later. One would think they would have contacted the company first with these concerns and given them a chance to respond before abruptly halting trading.
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