BusinessCompany NewsSEC suspends shares of non-filing companies

SEC suspends shares of non-filing companies

The US watchdog has for the first time suspended the trading of shares of 26 shell companies that failed to file financial disclosure reports.

Link: Time Warner faces SEC action over accounting practices

The 26 companies, which have few assets or sales were suspended because officials are concerned that an absence of financial reports could leave investors vulnerable to manipulation from misleading or incomplete information, Bloomberg News reported.

Some of the companies asked to file information, have not done so for years and at least one has not filed financial statements since 1994.

Shares will remain suspended for another eight days and will continue unless the companies provide updated information.

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