United States Securities and Exchange Commission
Litigation Release No. 16403 / January 10, 2000
Securities and Exchange Commission v. Long Distance Direct Holdings, Inc. Civil No. 00-CV-00038 (D.D.C.) (filed January 7, 2000).
On January 7, 2000, the Commission filed a complaint in the United States District Court for the District of Columbia against Long Distance Direct Holdings, Inc. ("LDDI"), an issuer whose securities are traded on the OTC Bulletin Board. The complaint alleges that LDDI, a reseller of long distance services, failed to make available to the investing public current and accurate information about its financial condition and results of operations through the filing of periodic reports with the Commission as required by the Securities Exchange Act of 1934 ("Exchange Act"). Specifically, the complaint alleges that LDDI has not filed its Annual Report on Form 10-K for the fiscal year ended December 31, 1998, its Quarterly Reports on Form 10-Q for the fiscal quarters ended September 30, 1998 and March 31, June 30, and September 30, 1999. LDDI also filed late its Annual Reports on Form 10-K for the fiscal years ended December 31, 1995, 1997, and 1998, and its quarterly reports for the fiscal quarters ended March 31, 1996 and March 31 and June 30, 1998. LDDI also failed to file five Notifications of Late Filing for its delinquent reports. The Commission seeks to compel LDDI to file its delinquent periodic reports and enjoin LDDI from further violations of Section 13(a) of the Exchange Act of 1934 and Rules 12b-25, 13a-1 and 13a-13 thereunder.