SEC Issues Trading Suspension of Locan & American Power Corp
On October 30, 2015, the U.S. Securities and Exchange Commission (“SEC”) announced the temporary suspension of trading in the securities of American Power Corp. (AMPW) and Locan, Inc. (LOCN). The SEC trading suspension commenced at 9:30 a.m. EDT on October 30, 2015 and terminates at at 11:59 p.m. EST on November 12, 2015.
The SEC issued the trading suspension of AMPW and LOCN due to a lack of current and accurate information about the companies because they had not filed certain periodic reports with the SEC. This SEC order suspending trading was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act). The SEC cautions brokers, 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 AMPW and LOCN. Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2-11, at the termination of the trading suspension, no quotation may be entered relating to the securities of the subject companies unless and until the broker or dealer has strictly complied with all of the provisions of the rule.
If any broker or dealer is uncertain as to what is required by the rule, it should refrain from entering quotations relating to the securities of these companies that have been subject to a trading suspension until such time as it has familiarized itself 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 Rule 15c2-11, the SEC will consider the need for prompt enforcement action.
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. 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
Facsimile: (561) 416-2855