UNITED STATES SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 46558 / September 26, 2002
File No. 3-10900
COMMISSION INSTITUTES ADMINISTRATIVE PROCEEDINGS AGAINST AMBASSADOR EYEWEAR GROUP, INC.
The Securities and Exchange Commission (Commission) announced that it has instituted public administrative proceedings against Ambassador Eyewear Group, Inc. (Ambassador), a Delaware corporation that was located near Philadelphia, Pennsylvania, to determine whether it is appropriate for the protection of investors to suspend or deregister Ambassador's common stock. Ambassador, an eyeglass frame distribution company, filed for bankruptcy in February 2000.
The Order Instituting Proceedings alleges that Ambassador's common stock was first registered with the Commission in March 1998 and traded on both the Chicago Stock Exchange and over the counter in the pink sheets beginning in April 1998. Ambassador was delisted from the Chicago Stock Exchange in August 1999, and has traded very sporadically in the pink sheets since that time. The Order further alleges that, from the quarter ended December 31, 1998 to the present time, Ambassador has failed to file annual and quarterly reports, as required by Section 13(a) of the Securities Exchange Act of 1934 and Rules 13a-1 and 13a-13 thereunder.
A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Ambassador an opportunity to dispute these allegations, and to determine what sanctions, if any, are necessary or appropriate for the protection of investors.