SEC Suspends Modern PVC -MPVC- Securities Lawyer 101
On February 6, 2015, the U.S. Securities and Exchange Commission (“SEC”) announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading of the securities of Med Pro Venture Capital, Inc., f/k/a Modern PVC, Inc. (“MPVC”), at 9:30 a.m. EST on February 6, 2015, and terminating at 11:59 p.m. EST on February 20, 2015.
On February 2, 2015, MPVC claimed to be redefining its “business model to operate as a vertically integrated, compressed natural gas marketing (“CNG”) and distribution company”. Days later it was hit with the SEC’s trading suspension. Despite the company reporting cash and cash equivalents of $165 in its most recent report on Form 10K, filed with the SEC on January 26, 2015 (for the year ending January 31, 2014), MPVC’s shares closed at $5.25 per share on February 5, 2015.
According to its release, the SEC temporarily suspended trading in the securities of MPVC due to questions that have been raised about the accuracy of publicly available information about the company’s operations, including questions about the accuracy of statements in a company press release dated January 12, 2015 and a paid analyst’s report issued on January 9, 2015 describing a strategic partnership with GO CNG technologies.
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 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.
If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to MPVC’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 that is in violation of the rule, 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, or [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 advice on any specific matter, nor does this message create an attorney-client relationship. 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
www.SecuritiesLawyer101.com
