TImeshare company Sunterra Delisted by Nasdaq, Announces SEC Probe
Las Vegas..July 7, 2006
Vacation timeshare company Sunterra Corporation is being delisted from the Nasdaq stock market. The Las Vegas-based company also says it's cooperating with a Securities and Exchange Commission inquiry into "recent events."
Sunterra says today the Nasdaq told it that it would be delisted effective tomorrow (Friday). It says its common stock will instead be quoted in the "Pink Sheets", with the same symbol, "S-N-R-R."
Last week, a major shareholder requested Sunterra be put up for sale. Hedge fund Chapman Capital cited Sunterra putting its chief executive on leave June 22nd amid allegations of improper accounting.
Nasdaq says the company failing to comply with Nasdaq timely filing rules by failing to file its quarterly report with the SEC for the period ending March 31st.
Sunterra shares are down today to $9.80 on the Nasdaq.
...Sunterra timeshare scams...
posted by Lee at 8:59 PM
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