Boston, MA 05/16/2014 (wallstreetpr) – The leading pharmaceutical company Fusion Pharm Inc. (OTCMKTS:FSPM) has been suspended temporarily from trading by SEC (Security and Exchange Commission).
The decision was taken under the section 12(k) of the Securities Exchange Act of 1934. The main reason which prompted SEC to take this strict action is nothing but the lack of accurate and reliable information about the company. There were several complaints raised by investors, traders and brokers that the company had not made public some of the information which could be quite crucial at times. After giving several warnings, when Fusion Pharm Inc. (OTCMKTS:FSPM) couldn’t give any justifiable explanation, then SEC had to take this strict decision.
What information did company not made public:
There are news in the market that the investors who had bought the shares of the company, wanted to get the actual information about company’s assets (both fixed and current), financial statements (balance sheet, cash flow and I&E statement), revenues earned in the most recent quarter, details of all the business transaction done by the company in last three months, and the current financial position of the company.
In this regard there were several requests made by the concerned authorities in front of the Fusion Pharm Inc. (OTCMKTS:FSPM), but it couldn’t give a satisfactory answer to those queries. As soon as this decision has been made public, SEC has warned all the brokerage firms, investors, traders, and dealers to avoid any transaction in the name of FSPM. Ignorance of this warning will be considered unlawful according to the 15c2-11 under the Exchange Act, and further actions might be taken against such individual or firm.
In case someone wants more clarity about this matter, then he can directly get in touch with the Division of Trading and Markets, Office of Interpretation and Guidance. Till the time this matter gets resolved, SEC has suspended Fusion Pharm Inc. (OTCMKTS:FSPM) from further trading.
