China North East Petroleum Comments on Stock Trading Halt
China North East Petroleum Holdings Limited (NYSE: NEP), announced that during the day of March 1, 2012, the Company discovered that the Securities & Exchange Commission issued an Order of Suspension of Trading of the stock of the Company. The SEC did not provide the Order directly to the Company and thus the Company does not know precisely when the SEC issued the Order. In the Order, the SEC states:
"Questions have arisen regarding the accuracy and completeness of information contained in NEP's public filings with the Commission concerning, among other things, certain transfers of cash from the company's bank accounts to the personal bank accounts of related parties."
The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of NEP. The Order states further that trading in our stock "is suspended for the period from 9:30 a.m. EST, March 1, 2012, through 11:59 p.m. EDT, on March 14, 2012."
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