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SEC Again Halts Trading of Struthers Shares

January 27, 1998|Bloomberg News

The Securities and Exchange Commission ordered a second consecutive two-week suspension in trading of Struthers Industries Inc. shares because of continued questions about the company's public disclosures. Los Angeles-based Struthers, which has a market capitalization of $4.38 million, is developing a wireless telecommunications system through its Wincom Corp. subsidiary. The SEC first halted Struthers' trading from Jan. 9 to Friday over questions related to the value of broadcast licenses Struthers said it holds under contract. The SEC also questioned company statements about a recapitalization plan that Struthers said is pending with an undisclosed partner. Earlier this month, the federal court in Washington found Struthers in contempt for failing to provide the SEC with documents about its purported recapitalization. In the latest suspension, which runs through Feb. 6, the SEC questioned information in a news release issued by the company on Jan. 12, after the first trading halt. Struthers' executives did not return calls for comment.

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