CDC Systems Inc. Announces Initiation of SEC Litigation.DALLAS -- CDC See Control Data, century date change and Back Orifice. CDC - Control Data Corporation Systems, Inc. (Pink Sheets:CPYJ), a Delaware corporation (the "Company"), announced today that on February 25, 2005, the Securities and Exchange Commission filed a civil complaint in the United States District Court for the District of New Mexico The United States District Court for the District of New Mexico is the federal district court whose jurisdiction comprises the state of New Mexico. Court is held in Albuquerque, Las Cruces, Las Vegas, Roswell, Santa Fe, and Silver City. (the "Complaint") seeking a permanent injunction against the Company and its Chief Executive Officer, Shelby Ball. In addition to seeking injunctive relief, the Complaint seeks an accounting, disgorgement Disgorgement A repayment of ill-gotten gains that is imposed on wrongdoers by the courts. Funds that were received through illegal or unethical business transactions are disgorged, or paid back, with interest to those affected by the action. and civil money penalties including prejudgment pre·judge tr.v. pre·judged, pre·judg·ing, pre·judg·es To judge beforehand without possessing adequate evidence. pre·judg interest from the Company and Mr. Ball, and seeks to bar Mr. Ball from acting as a director or officer of a public company and from participating in any offering of penny stock. The Complaint alleges violations of the registration provisions of the federal securities laws, Sections 5(a) and 5(c) of the Securities Act of 1933, as amended, and the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 10b-5 promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. under the Exchange Act. The Company is in the process of reviewing the Complaint to determine its course of action. For more information about CDC Systems Inc. go to www.cdc-systems.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion