| The SEC once again showed it is serious about cracking down on serial late filers. The regulator announced Wednesday that it had revoked the registrations of the securities of 25 companies that failed to file their financial reports on time. Many of these delinquent filings go back to 2000.
Keep in mind that usually these companies are delisted by their respective stock exchanges before the SEC takes its even more drastic step. The SEC actually ramped up this effort in 2004 under Section 12 (j) of the Securities Exchange Act of 1934.
Usually, the companies that have their registrations revoked are little known, puny companies. However, today’s announcement included Globalstar Telecommunications, a one-time high-flier during the 1990s, and one company that was formerly run by well-known Wall Street corporate raider Saul Steinberg--Reliance Group Holdings, Inc.
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