suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange
Exhibit of Applied BioSciences Corp.
summary
The SEC temporarily suspended trading in Applied BioSciences Corp. securities due to concerns over misleading claims regarding the sale of coronavirus test kits.
paragraph
The SEC suspended trading of Applied BioSciences Corp. (APPB) from April 14 to April 27, 2020, citing concerns over the accuracy of public information. The action follows a March 31, 2020, press release where the company claimed to be selling coronavirus test kits for home use. No specific monetary penalties or formal fraud charges were detailed in the suspension notice.
narrative
The Securities and Exchange Commission announced a temporary trading suspension for Applied BioSciences Corp. (APPB) effective from April 14, 2020, through April 27, 2020. The suspension was triggered by questions regarding the adequacy and accuracy of information in a March 31, 2020, press release concerning the sale of home-use coronavirus test kits. The Commission issued the halt under Section 12(k) of the Securities Exchange Act of 1934 to protect investors from potentially unreliable disclosures. While no specific financial penalties or criminal charges were announced, the SEC cautioned broker-dealers to adhere to Rule 15c2-11 before entering new quotations. Investors were advised to carefully evaluate all available information regarding the company's claims. The SEC also requested that any parties with information related to the matter contact the New York Regional Office.
Classified health-care-fraud(confidence 80%). No EDGAR filing fingerprint (criminal/DOJ-side scheme). detection rule →
Statutes
Section 12(k) of the Securities Exchange Act
Parties
Securities and Exchange CommissionApplied BioSciences Corp.
Keywords
securities exchangeexchangesecuritiescommissionsuspension pursuantpursuant securitiesexchange exchangebroker dealerappbinformationsuspensionpursuanttradingexchange commissiontrading securities
Extracted insights
Entities 7
- company applied biosciences corp.
- person kristine zaleskas
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- agency the assistance of the financial industry regulatory authority
- agency the securities and exchange commission
- person Thomas P. Smith, Jr.
Triples 52
- The Securities and Exchange Commission temporarily suspended trading in the securities of Applied BioSciences Corp. (APPB) due to concerns about accuracy of publicly-available information
- Applied BioSciences Corp. made statements about selling coronavirus test kits for home use in a March 31, 2020 press release
- The Commission cautions broker-dealers, shareholders, and prospective purchasers to consider all available information before trading APPB securities
- Brokers and dealers must comply with Rule 15c2-11 under the Exchange Act to enter quotations after trading suspension ends
- The Commission will consider prompt enforcement action if brokers enter quotations violating Rule 15c2-11
- Thomas P. Smith, Jr. can be contacted at (212) 336-0171 for information related to the APPB trading suspension
- Kristine Zaleskas can be contacted at (212) 336-0189 for information related to the APPB trading suspension
- The Securities and Exchange Commission announced the temporary suspension
- The Securities and Exchange Commission suspended trading in the securities of APPB
- The Commission cautions broker-dealers, shareholders, and prospective purchasers
- The Commission should be alert to the fact that no quotation may be entered
- The SEC appreciates the assistance of the Financial Industry Regulatory Authority
- Thomas P. Smith, Jr. contact Assistant Regional Director, New York Regional Office
- Kristine Zaleskas contact Senior Counsel, New York Regional Office
- The Securities and Exchange Commission temporarily suspended trading in the securities of Applied BioSciences Corp. (APPB) due to concerns about accuracy of publicly-available information regarding its claims about selling coronavirus test kits
- The Commission cautioned broker-dealers, shareholders, and prospective purchasers to carefully consider available information about APPB
- The Commission will consider prompt enforcement action if brokers enter quotations violating Rule 15c2-11
- Brokers and dealers must comply with Rule 15c2-11 under the Exchange Act before entering quotations for APPB securities
- The SEC appreciated the assistance of the Financial Industry Regulatory Authority
- Securities and Exchange Commission announced temporary suspension of trading in securities of Applied BioSciences Corp.
- Securities and Exchange Commission suspended trading in securities of APPB
- Section 12(k) of the Securities Exchange Act of 1934 authorized temporary suspension of trading
- Applied BioSciences Corp. issued March 31, 2020 press release about selling coronavirus test kits for home use
- Commission cautioned broker-dealers, shareholders, and prospective purchasers
- Rule 15c2-11 under the Exchange Act requires strict compliance before entering quotations after suspension
- broker or dealer must not enter quotation unless compliant with Rule 15c2-11
- Commission may take prompt enforcement action against violators of Rule 15c2-11
- Thomas P. Smith, Jr. contacted for information related to the matter
- Kristine Zaleskas contacted for information related to the matter
- SEC appreciated assistance of Financial Industry Regulatory Authority
- Commission announced temporary suspension trading in the securities of Applied BioSciences Corp. (APPB)
- Commission temporarily suspended trading in the securities of APPB
- questions have arisen concerning the accuracy and adequacy of publicly-available information concerning APPB
- APPB made statements about selling coronavirus test kits for home use in a March 31, 2020 press release
- Commission cautions broker-dealers, shareholders, and prospective purchasers
- brokers and dealers should be alert to no quotation may be entered unless they have complied with Rule 15c2-11
- any broker or dealer should not enter any quotation and should immediately contact the staff in the Division of Trading and Markets
- any broker or dealer should refrain from entering quotations relating to APPB’s securities until rule provisions are met
- Commission will consider the need for prompt enforcement action if a quotation violates the rule
- any broker-dealer or other person should contact Thomas P. Smith, Jr., Assistant Regional Director, New York Regional Office
- any broker-dealer or other person should contact Kristine Zaleskas, Senior Counsel, New York Regional Office
- SEC appreciates the assistance of the Financial Industry Regulatory Authority
- Securities and Exchange Commission announced temporary suspension of trading in the securities of Applied BioSciences Corp.
- Securities and Exchange Commission temporarily suspended trading in the securities of APPB
- Applied BioSciences Corp. made statements about selling coronavirus test kits for home use
- Applied BioSciences Corp. issued press release on March 31, 2020
- Securities and Exchange Commission cautions broker-dealers, shareholders, and prospective purchasers
- brokers and dealers should comply provisions of Rule 15c2-11
- Securities and Exchange Commission will consider prompt enforcement action
- Thomas P. Smith, Jr. contact for information related to this matter
- Kristine Zaleskas contact for information related to this matter
- Securities and Exchange Commission appreciates assistance of the Financial Industry Regulatory Authority
PDF
Text layers
Extracted body text (2,465c)
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 88627 / April 13, 2020 The Securities and Exchange Commission (“Commission”) announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading in the securities Applied BioSciences Corp. (“APPB”) (CIK #001607549) of Beverly Hills, California at 9:30 a.m. EDT on April 14, 2020, and terminating at 11:59 p.m. EDT on April 27, 2020. The Commission temporarily suspended trading in the securities of APPB because questions have arisen concerning the accuracy and adequacy of publicly-available information concerning APPB. The questions relate to statements that APPB made about selling coronavirus test kits for home use in a March 31, 2020 press release issued by the Company. The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company. Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff in the Division of Trading and Markets, Office of Interpretation and Guidance, at (202) 551-5777. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to APPB’s securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action. If any broker-dealer or other person has any information which may relate to this matter, contact Thomas P. Smith, Jr., Assistant Regional Director, New York Regional Office, at (212) 336- 0171, or Kristine Zaleskas, Senior Counsel, New York Regional Office, at (212) 336-0189. The SEC appreciates the assistance of the Financial Industry Regulatory Authority.
OCR text (2,506c · tika · 95% conf)
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 88627 / April 13, 2020 The Securities and Exchange Commission (“Commission”) announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading in the securities Applied BioSciences Corp. (“APPB”) (CIK #001607549) of Beverly Hills, California at 9:30 a.m. EDT on April 14, 2020, and terminating at 11:59 p.m. EDT on April 27, 2020. The Commission temporarily suspended trading in the securities of APPB because questions have arisen concerning the accuracy and adequacy of publicly-available information concerning APPB. The questions relate to statements that APPB made about selling coronavirus test kits for home use in a March 31, 2020 press release issued by the Company. The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company. Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff in the Division of Trading and Markets, Office of Interpretation and Guidance, at (202) 551-5777. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to APPB’s securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action. If any broker-dealer or other person has any information which may relate to this matter, contact Thomas P. Smith, Jr., Assistant Regional Director, New York Regional Office, at (212) 336- 0171, or Kristine Zaleskas, Senior Counsel, New York Regional Office, at (212) 336-0189. The SEC appreciates the assistance of the Financial Industry Regulatory Authority. OLE_LINK2