SEC Suspends FusionPharm By: Brenda Hamilton Attorney
On May 16, 2014, the Securities and Exchange Commission (“Commission”) announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading in the securities of FusionPharm, Inc. (“FusionPharm”). The suspension begins at 9:30 a.m. EDT on May 16, 2014, and terminates at 11:59 p.m. EDT on May 30, 2014. The Commission temporarily suspended trading in the securities of FusionPharm due to a lack of current and accurate information about the company.
According to the SEC, questions have been raised about the accuracy and adequacy of publicly disseminated information about FusionPharm concerning, among other things:
(1) the company’s assets;
(2) the company’s revenues;
(3) the company’s financial statements;
(4) the company’s business transactions; and
(5) the company’s current financial condition.
Until the SEC’s trading suspension, FusionPharm was quoted by the OTC Markets with a Pink Sheet Current tier with the ticker symbol FSPM. OTC Markets reports reflect that the issuer FSPM has been associated with numerous bad actions including disbarred attorney and SEC defendant, Guy M. Jean-Pierre who was FSPM’s corporate secretary and legal counsel.
This order was entered pursuant to Section 12(k) of the Exchange Act. The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.
Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff in the Division of Trading and Markets, Office of Interpretation and Guidance, at (202) 551-5777. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to FusionPharm’s securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of
the rule, the Commission will consider the need for prompt enforcement action.
If any broker-dealer or other person has any information which may relate to this matter, they should contact Jay Scoggins at (303) 844-1105, Kimberly S. Greer at (303) 844-1042, or Ian S. Karpel at (303) 844-1017, of the Division of Enforcement.
For further information about this securities law blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton, Florida, (561) 416-8956, by email at [email protected] or visit www.securitieslawyer101.com. This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute, legal and compliance advice on any specific matter, nor does this message create an attorney-client relationship. For more information about going public and the rules and regulations affecting the use of Rule 144, Form 8K, crowdfunding, FINRA Rule 6490, Rule 506private placement offerings and memorandums, Regulation A, Rule 504 offerings, SEC reporting requirements, SEC registration statements on Form S-1 , IPO’s, OTC Pink Sheet listings, Form 10 OTCBB and OTC Markets disclosure requirements, DTC Chills, Global Locks, reverse mergers, public shells, direct public offerings and direct public offerings please contact Hamilton and Associates at (561) 416-8956 or [email protected]. Please note that the prior results discussed herein do not guarantee similar outcomes.
Hamilton & Associates | Securities Lawyers
Brenda Hamilton, Securities Attorney
101 Plaza Real South, Suite 202 North
Boca Raton, Florida 33432
Telephone: (561) 416-8956
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