Stereo Vision Directs SEC Counsel to Conduct Trading Review for Possible Short Selling Improprieties
August 29 2011 - 8:01AM
Marketwired
Stereo Vision Entertainment Inc. (PINKSHEETS: SVSN) announced today
that SEC Counsel Dieterich & Mazarei have been directed to
conduct a trading review for possible short selling improprieties.
"While it's widely believed that stocks as lightly traded as
SVSN are not shorted, on Wednesday, August 24th, as was released
publicly pursuant to the RegSHO market integrity provisions, SVSN
traded 956,598 shares with 225,598 shares being sold short," stated
Stereo Vision's CEO Jack Honour.
"On the news of our new proprietary technology the stock traded
approximately 700,000 shares in the first hour of trading, up to
$.089, and was then systematically shorted back down to $.03,
closing at $.035. Again on August 25th, with 116,400 shares traded,
the RegSHO report indicated that SVSN was shorted 57,900 shares --
virtually half of the day's trading. On August 26th the stock
closed down at the week's low of $.021. Naked short selling is a
widespread problem for public companies. If it's determined that
there's been trading improprieties, Stereo Vision will prosecute
those responsible to the fullest extent of the law."
Stereo Vision Entertainment Inc. --
(http://stereovision.com) Stereo Vision Entertainment is a publicly
traded company whose business is driven by the acquisition,
development, production and distribution of cutting edge 3D media
assets. Responding to the current exponential growth of demand for
3D content, Stereo Vision is developing a wide variety of 3D
technologies and intellectual properties for these rapidly
expanding markets.
Safe Harbor Statement: Except for historical information, this
news release may contain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, and Section
21E of the Securities Exchange Act of 1934, as amended.
Contact: Jack Honour 818-326-6018 Email Contact
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