SEC Cracks Down on Electro-Optical Systems Corp.
The
Securities and Exchange Commission has filed suit in a New York federal court to stop what it claims is the "unregistered and fraudulent sale" of stock of
Electro-Optical Systems Corp.
In the lawsuit, the SEC charges that Electro-Optical Systems in Stow, Mass., sold unregistered, restricted shares as unrestricted shares and bought small quantities of the stock at above market price to raise its value. The commission says that the stock rose more than 1000% to more than $5 per share. It also says that Electro-Optical's predecessor, WTS Transnational Corp., claimed it was developing a fingerprint verification device but that no prototype was completed.
Charles Weaver, the chief executive officer of Electro-Optical, said the company did not believe it violated any laws: "Our position has been there were some people that apparently manipulated the stock but that we didn't have any knowledge of this."
LATEST NEWS
- Exail Signs LLNL Contract, Partners with Eelume
Apr 26, 2024
- Menlo Moves U.S. HQ: Week in Brief: 4/26/2024
Apr 26, 2024
- Optofluidics Platform Keys Label-, Amplification-Free Rapid Diagnostic Tool
Apr 25, 2024
- DUV Lasers Made with Nonlinear Crystals Enhance Lithography Performance
Apr 25, 2024
- Teledyne e2v, Airy3D Collaborate on 3D Vision Solutions
Apr 24, 2024
- One-Step Hologram Generation Speeds 3D Display Creation
Apr 24, 2024
- Innovation Award Winners for Laser Technology Honored in Aachen
Apr 23, 2024
- Intech 2024: AI Arrives on the Shop Floor
Apr 22, 2024