Stereo Vision Directs SEC Counsel to Conduct Trading Review for Possible Short Selling Improprieties
(firmenpresse) - LOS ANGELES, CA -- (Marketwire) -- 08/29/11 -- Stereo Vision Entertainment Inc. (PINKSHEETS: SVSN) announced today that SEC Counsel Dieterich & Mazarei have been directed to conduct a trading review for possible short selling improprieties.
"While it's widely believed that stocks as lightly traded as SVSN are not shorted, on Wednesday, August 24th, as was released publicly pursuant to the RegSHO market integrity provisions, SVSN traded 956,598 shares with 225,598 shares being sold short," stated Stereo Vision's CEO Jack Honour.
"On the news of our new proprietary technology the stock traded approximately 700,000 shares in the first hour of trading, up to $.089, and was then systematically shorted back down to $.03, closing at $.035. Again on August 25th, with 116,400 shares traded, the RegSHO report indicated that SVSN was shorted 57,900 shares -- virtually half of the day's trading. On August 26th the stock closed down at the week's low of $.021. Naked short selling is a widespread problem for public companies. If it's determined that there's been trading improprieties, Stereo Vision will prosecute those responsible to the fullest extent of the law."
() Stereo Vision Entertainment is a publicly traded company whose business is driven by the acquisition, development, production and distribution of cutting edge 3D media assets. Responding to the current exponential growth of demand for 3D content, Stereo Vision is developing a wide variety of 3D technologies and intellectual properties for these rapidly expanding markets.
Safe Harbor Statement: Except for historical information, this news release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended.
Contact:
Jack Honour
818-326-6018
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Datum: 29.08.2011 - 13:01 Uhr
Sprache: Deutsch
News-ID 60022
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LOS ANGELES, CA
Kategorie:
Arts & Culture
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