22 January – LAWFUEL – The Law News Network – The U.S. Securities and Exchange Commission today issued public administrative proceedings against Safe Transportation Systems, Inc. (SFTS) to determine whether the registration of each class of its securities should be revoked or suspended for failure to file required periodic reports.
In this Order, the Division of Enforcement alleges that SFTS is delinquent in its required periodic filings with the Commission. The Division of Enforcement also alleges that the common stock of SFTS is quoted on the Pink Sheets.
In these proceedings, instituted pursuant to Securities Exchange Act of 1934 (Exchange Act) Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the judge will hear evidence from the Division of Enforcement and the respondent to determine whether the allegations of the Division of Enforcement contained in the Order, which the Division alleges constitute violations of Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 thereunder, are true. The judge in the proceeding will then determine whether the registration pursuant to Exchange Act Section 12 of the securities of the respondent should be revoked, or in the alternative, suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge in these proceedings issue an initial decision not later than 120 days from the date of service of the order instituting proceedings.