U.S. SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 18297 \ August 20, 2003
SECURITIES AND EXCHANGE COMMISSION v. WULF INTERNATIONAL LTD. AND GEORGE R. WULF, Civ. No. A03CA56555 (USDC WD Texas)
On August 15, 2003, the Securities and Exchange Commission filed a federal court action against Wulf International Ltd. ("WIL") and George R. Wulf, the former chairman of its board of directors and its former chief executive officer. The Commission's complaint alleges that, between January 2001 and April 2002, WIL, through George R. Wulf, made false and misleading statements in six press releases concerning: (1) its receipt of financing commitments for low-income housing projects in the Philippines and Pakistan; (2) its receipt of approval from the Philippines government for one such housing project; and (3) related earnings projections.
The Commission's complaint alleges that WIL and George R. Wulf violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint seeks permanent injunctions against both defendants, and as to George R. Wulf, disgorgement of ill-gotten gains, civil money penalties, and officer and director and penny stock bars.