United States Securities and Exchange Commission
Securities Exchange Act of 1934
Release No. 47636 / April 7, 2003
File No. 3-11082
The Securities and Exchange Commission announced today that it has instituted administrative proceedings against Freedom Golf Corporation ("Freedom Golf") to suspend or revoke the registration of its stock for failing to comply with the antifraud provisions of the federal securities laws and failing to file annual and quarterly reports. According to the Order Instituting Public Proceedings, the Division of Enforcement ("Division") alleges that Freedom Golf created and published projections concerning its revenue and earnings that lacked any reasonable basis, and failed to disclose material information concerning the projections, in violation of Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder. Moreover, the Division alleges that Freedom Golf has failed to file its annual report for its fiscal year ending September 30, 2002 and its quarterly report for December 31, 2002, as required by Section 13(a) of the Exchange Act and the rules thereunder.
A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true and, if so, to provide Respondent an opportunity to dispute these allegations, and to determine whether it is necessary or appropriate for the protection of investors to suspend or revoke the registration of Freedom Golf's stock.