P.M. BRIEFING : Santa Ana Firm’s Trading Halted
The Securities and Exchange Commission has ordered a 10-day suspension in trading in the stock of Santa Ana-based Southland Communications Inc. because of questions over the firm’s ownership.
Trading in Southland Communications is scheduled to resume April 13, the SEC said.
Among the government’s concerns are “questions concerning a possible undisclosed change in control of the company” and “questions regarding the identity of the owners of its common and preferred stock,” the SEC said.
The agency also cited “questions concerning recent market activity in those securities” and “questions concerning an accumulation of over 25% of the company’s outstanding common stock and approximately 19% of the company’s outstanding preferred stock by several broker-dealers and certain of their customers.”
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