Reply from SEC
posted on
Aug 04, 2008 12:41PM
The company whose shareholders were better than its management
I got this reply from the SEC....As I said before...even if nothing happens I feel better that I stood up for what I felt was wrong.....when they get one complaint they probably file it in the "round file"...but maybe they look deeper when they receive several hundred...you decide....
Dear Mr. X:
We are taking your complaint very seriously, and have referred it to the appropriate people within the SEC.
Please understand that the SEC conducts its investigations on a confidential basis and neither confirms nor denies the existence of an investigation unless we bring charges against someone involved. We do this to protect the integrity and effectiveness of our investigative process and to preserve the privacy of the individuals and entities involved. As a result, we will not be able to provide you with any future updates on the status of your complaint or of any pending SEC investigation.
Below is a flyer that describes our policy as it will apply to your complaint. Please contact me if you have other questions.
Sincerely,
MERRILY W KATZ
Office of Investor Education and Advocacy
U.S. Securities and Exchange Commission
(202) 551-6317
INFORMATION ABOUT SEC INVESTIGATIONS
Each year, thousands of investors ask the Securities and Exchange Commission to investigate the activities of other investors, financial professionals, corporations, brokerage firms, investment companies, stock exchanges, and others. These complaints generally suggest some impropriety or misconduct and sometimes make a plea to the SEC for direct assistance in resolving a grievance.
The SEC has the authority to investigate whether violations of the federal securities laws have occurred, and we make every effort to evaluate promptly and thoroughly the information provided by investors. But we cannot investigate every investor complaint. While many investor complaints do lead to full investigations and, if appropriate, to enforcement actions, we cannot guarantee that our review will lead to further investigation or that the SEC will take any legal action.