SEC Suspends Trading in HydroGenetics of Fort Lauderdale
HydroGenetics, Inc. of Fort Lauderdale, FL is subject to an SEC Order charging that the firm violated Sections 5(a) and 5(c) of the Securities Act of 1933 by issuing shares of its stock without a registration statement being in effect, or without an applicable exemption from registration.
The Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the Exchange Act), of trading in the securities of HydroGenetics, Inc. (HydroGenetics), of Fort Lauderdale, Florida at 9:30 a.m. EDT on May 2, 2012, and terminating at 11:59 p.m. EDT on May 15, 2012.
The Commission temporarily suspended trading in the securities of HydroGenetics because of questions that have been raised about the accuracy and adequacy of publicly available information about HydroGenetics because it has not filed a periodic report since its Form 10 registration statement became effective in January 2005.
According to the firm’s website, President and CEO, Charles Hansen III is responsible for day-to-day operations and leading the strategic direction of HydroGenetics, Inc.
Furthermore, the HydroGenetics website reports that the firm “recently changed its business focus from acquiring emerging alternative energy companies and incubate into revenue producing, profitable businesses… to the research and development of a high quality on demand hydrogen assist fuel cell system for internal combustion gas engines that will significantly reduce the consumption of fossil fuel through a hydrogen on demand fuel cell and for the betterment of the environment. HydroGenetics, Inc also owns HydroAxis Technologies, Inc.”
The Commission 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.
Florida Securities Litigation and FINRA Arbitration
Contact Fort Lauderdale securities litigation attorney Howard N. Kahn, Esq. if you or someone you know has a securities dispute. In addition to being an experienced securities litigation attorney, Mr. Kahn also serves as a FINRA arbitrator for individual investors, brokers, and brokerage firms. You can reach him at 954-321-0176 or online.
