ACLN to Cooperate With SEC Request

ACLN Ltd. said it will cooperate with the Securities and Exchange Commission in its request for information about disclosures the company made in regulatory filings.

The Belgium-based company, which ships low-cost used cars from Europe to Africa, “believes its SEC filings are accurate in all material respects,” Chief Executive Aldo Labiad said.

ACLN is accused in lawsuits of misstating profitability and future prospects. One lawsuit alleges the company falsely claimed to purchase a transport ship to conceal a diversion of funds, according to a statement released in December by a law firm representing some shareholders.

The company said the allegations in the lawsuits are without merit.

ACLN shares, which reached a 52-week high of $50 on Sept. 5, fell $1.05 to $10.30 on the NYSE.

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Bloomberg News