SEC Approves Proposals to Address Extraordinary Volatility in Individual Stocks and Broader Stock Market
The Securities and Exchange Commission has approved two proposals submitted by the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) that are designed to address extraordinary volatility in individual securities and the broader U.S. stock market.
One initiative establishes a “limit up-limit down” mechanism that prevents trades in individual exchange-listed stocks from occurring outside of a specified price band. When implemented, this new mechanism will replace the existing single-stock circuit breakers that the Commission approved on a pilot basis after the market events of May 6, 2010.
The second initiative updates existing market-wide circuit breakers that when triggered, halt trading in all exchange-listed securities throughout the U.S. markets. The existing market-wide circuit breakers were adopted in October 1988 and have been triggered only once, in 1997. The changes lower the percentage-decline threshold for triggering a market-wide trading halt and shorten the amount of time that trading is halted.
The exchanges and FINRA will implement these changes by February 4, 2013. On Thursday, the Commission approved both proposals for a one-year pilot period, during which the exchanges, FINRA, and the Commission will assess their operation and consider whether any modifications are appropriate.
“The initiatives we approved are the product of a significant effort to devise a sophisticated, yet workable and effective way to protect our markets from excessive volatility," said SEC Chairman Mary L. Schapiro. “In today’s complex electronic markets, we need an automated and appropriately calibrated way to pause or limit trading if prices move too far too fast. The Commission, along with the exchanges and FINRA, will be closely monitoring the operation of the new limit up-limit down and market-wide circuit breaker processes during the pilot period to make sure any rules approved on a permanent basis are as effective as they can be."
“Limit Up-Limit Down” Plan for Individual Securities
The “limit up-limit down” mechanism, established jointly by the exchanges and FINRA, prevents trades in individual listed equity securities from occurring outside of a specified price band, which would be set at a percentage level above and below the average price of the security over the immediately preceding five-minute period. For more liquid securities – those in the S&P 500 Index, Russell 1000 Index, and certain exchange-traded products – the level will be 5 percent, and for other listed securities the level will be 10 percent. The percentages will be doubled during the opening and closing periods and broader price bands will apply to securities priced $3 per share or less.
To accommodate more fundamental price moves, there would be a five-minute trading pause, similar to the pause triggered by the current circuit breakers, if trading is unable to occur within the price band for more than 15 seconds.
Under the new plan all trading centers, including exchanges, automated trading venues, and broker-dealers executing trades internally, must establish policies and procedures to prevent trades from occurring outside the applicable price bands, honor any trading pause, and otherwise comply with the procedures set forth in the plan.
Updated Market-Wide Circuit Breakers
The revised market-wide circuit breaker rules update the existing rules by:
The market-wide circuit breakers were not triggered during the severe market disruption of May 6, 2010, which led the exchanges and FINRA, in consultation with SEC staff, to assess whether the circuit breakers needed to be updated in light of today’s market structure. In addition, the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues recommended in February 2011 that the SEC and CFTC review the current operation of the market-wide circuit breakers, and consider appropriate modifications.
In addition to the single-stock circuit breaker pilot program, the SEC has undertaken other initiatives in the wake of May 6, including:
The SEC staff also is considering what additional measures may be needed, including establishing a consolidated audit trail system to better track orders and trades in securities across the national market system. (Press Rel. 2012-107)
Open Meeting, Friday, June 8, 2012 at 9:00 a.m.
Securities and Exchange Commission Advisory Committee on Small and Emerging Companies will hold a public meeting on Friday, June 8, 2012, in Multi-Purpose Room LL-006 at the Commission’s headquarters, 100 F Street, N.E., Washington, DC. The meeting will begin at 9:00 a.m. (EDT) and will be open to the public. Seating will be on a first-come, first-served basis. Doors will open at 8:30 a.m. Visitors will be subject to security checks. The meeting will be webcast on the Commission’s website at www.sec.gov.
On May 22, 2012, the Commission issued notice of the Committee meeting (Release No. 33-9325), indicating that the meeting is open to the public and inviting the public to submit written comments to the Committee. This Sunshine Act notice is being issued because a majority of the Commission may attend the meeting.
The agenda for the meeting includes discussions of provisions of the Jumpstart Our Business Startups Act and other matters relating to rules and regulations affecting small and emerging companies under the federal securities laws.
For further information, please contact the Office of the Secretary at (202) 551-5400.
SEC Files Settled Action Against Grifco International, Inc. Former CEO and Two Stock Promoters for Antifraud and Securities Registration Violations
The Securities and Exchange Commission ("SEC") today charged three individuals for their roles in a $3.9 million scheme to manipulate the market and to profit from the issuance and sale of Grifco International, Inc. (“Grifco”) stock. The SEC's complaint alleges that the stock manipulation scheme was orchestrated and devised by James Roland Dial, Grifco’s former president, chief executive officer, and sole director, Evan Nicolas Jarvis, a stock promoter and de facto Grifco officer, and Alex W. Ellerman, another stock promoter.
The complaint alleges that between December 2004 through November 2006, Dial and Jarvis caused Grifco, a publicly-traded corporation that claimed to be an international provider of oil and gas services equipment, to issue over 13 million purportedly unrestricted Grifco securities to Ellerman, themselves or their nominees. The complaint alleges that Dial, Jarvis and Ellerman sold the Grifco securities to the investing public shortly after receiving their shares, often times selling those shares into a rising, artificial market they created by disseminating false and material misleading information about Grifco to prospective investors and shareholders. None of the securities transactions were registered with the SEC and the transactions did not satisfy any exemption from registration according to the complaint. The SEC alleges that, as a result of this conduct, Dial, Jarvis, and Ellerman collectively received nearly $3.3 million in ill-gotten gains from the sale of newly-issued Grifco stock. The complaint also alleges that Dial misappropriated at least $600,000 by looting Grifco’s cash account from September 2005 through December 2006.
The SEC’s complaint also alleges that Dial, Jarvis, and Ellerman engaged in a pump-and-dump scheme designed to defraud and deceive existing and potential investors into purchasing Grifco shares while they sold Grifco shares at inflated prices into an artificially active market that they created. The complaint alleges that Dial made false and misleading information about Grifco through press releases, investor conference calls, and other statements to Grifco shareholders that Jarvis and Ellerman, at times, disseminated. Dial, Jarvis, and Ellerman sold many of their own Grifco shares at or near the release of this information, even though they knew that the press releases and other statements contained false and misleading information regarding Grifco’s financial position and projected sales, its products and product development, and the company’s total outstanding shares.
The complaint charges that Dial, Ellerman, and Jarvis violated Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 (Securities Act) and Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder. The SEC seeks permanent injunctions, disgorgement with prejudgment interest, officer and director bars, and penny stock bars against each.
Dial, Jarvis, and Ellerman have consented to the entry of a final judgment that: (i) enjoins them from future violations of Sections 5(a), 5(c), and 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder; (ii) and bars them from serving as an officer or director of a public company or participating in an offering of any penny stock. Dial, Jarvis, and Ellerman also consented to entry of a final judgment that orders them to pay disgorgement and prejudgment interest in the amount of $1,600,628, $2,095,524, and $939,650, respectively, which will be deemed satisfied upon entry of a restitution order in an equal or greater amount in a related enforcement action brought by the United States Attorney’s Office for the Southern District of Texas (Houston); United States v. Alex Ellerman et al., Cr. NO. H-10-56-S (S.D. Tex.) (U.S. v. Ellerman).
On May 22, 2012, the Honorable David Hittner, United States District Court Judge for the Southern District of Texas, sentenced Dial to imprisonment of 60 months on criminal conspiracy to commit wire fraud. Today, Judge Hittner also sentenced Jarvis to imprisonment of 60 months on criminal conspiracy to commit wire fraud while Ellerman received a prison sentence of 40 months. The sentencings followed March 2011 pleas of guilty by Dial, Jarvis and Ellerman for conspiracy to commit wire fraud.
The SEC acknowledges the assistance of the United States Attorney's Office for the Southern District of Texas, the Federal Bureau of Investigation, and the Harris County (Houston, Texas) District Attorney's Office. [SEC v. James Roland Dial, et al., Case No. 4:12-CV-01654 (S.D. Tex.] (LR-22384)
SEC Charges Controlling Person of Transfer Agent for Misappropriating Share Certificates and Illegally Selling Stock
On June 1, 2012, the Securities and Exchange Commission filed a settled civil action in the United States District Court for the Southern District of Texas, Houston Division, against Steven H. Bethke. In its complaint, the Commission alleges that, from January 2009 through May 2010, Bethke misappropriated share certificates from Bederra Corporation (now known as Zicix Corporation) while he controlled Bederra’s stock transfer agent, First National Trust Company. Bethke used the stolen certificates, which had been pre-printed with the signatures of Bederra officers and directors, to secretly issue over a billion Bederra shares, which he then sold in exchange for payments into his personal bank account of over $350,000. Among other things, Bethke signed purchase agreements falsely warranting that he had good title to the shares and that they were “freely tradable” when, in fact, he had orchestrated the misappropriation of the shares, and the sales were not eligible for any exemption from registration under the securities laws. To carry out his scheme, Bethke forged the signature of Bederra’s chief executive officer on certifications claiming that Bederra was aware of the sales when the company knew nothing about the transactions. Bethke also prepared letters falsely stating that he had obtained the shares from the company more than a year before, and that the sales were therefore exempt from registration under the securities laws.
Without admitting or denying the allegations in the Commission’s complaint, Bethke consented to a final judgment enjoining him from violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; barring him from serving as an officer or director of a public company; barring him from participating in the offering or sale of a penny stock; and ordering disgorgement plus prejudgment interest, but waiving payment and not imposing a civil penalty based on Bethke’s financial condition. The judgment is subject to court approval. Bethke also consented, with respect to a related SEC administrative proceeding, to the entry of an SEC order barring him from association with any investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical organization. [SEC v. SEC v. Steven H. Bethke, Civil Action No. 4:12-cv-01638 (S.D. Tex., Houston Division] (LR-22385)
SEC Charges Additional Defendants for Defrauding Investors in $90 Million Ponzi Scheme
On May 31, 2012, the Securities and Exchange Commission amended its complaint against New York investment adviser, Brian Raymond Callahan, and Callahan’s investment advisory firms, Horizon Global Advisors Ltd., and Horizon Global Advisors, LLC, in the SEC’s emergency action filed on March 5, 2012 that halted an ongoing $90 million Ponzi scheme. The SEC’s amended complaint additionally charges Callahan’s five offshore funds with fraud and Callahan’s brother-in-law, Adam Judd Manson (Manson) and two of Manson’s entities, with aiding and abetting Callahan’s scheme. The amended complaint also names Callahan’s wife, Sheri Manson Callahan, as a relief defendant. Callahan’s five offshore funds have agreed to be placed under the control of the receiver that the Court appointed in an Order issued on March 27, 2012.
The SEC’s amended complaint includes the following allegations:
The SEC’s amended complaint charges Manson and his two entities with aiding and abetting violations of the antifraud provisions of Sections 17(a)(1) and (3) of the Securities Act of 1933 (“Securities Act”), Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rules 10b-5(a) and (c) thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. The SEC is seeking permanent injunctions, disgorgement plus prejudgment interest, and civil penalties against Manson and his entities.
The SEC charges Callahan’s five offshore funds with violating the antifraud provisions of Sections 17(a)(1), (2) and (3) of the Securities Act, and Section 10(b) of the Exchange Act and Rules 10b-5(a), (b) and (c) thereunder. The SEC is seeking permanent injunctions and disgorgement plus prejudgment interest against the funds.
The amended complaint also names Callahan’s wife, Sheri Callahan, who benefited from Callahan’s fraud, as a relief defendant. For example, Sheri Callahan holds the title to Callahan’s primary residence. The SEC alleges that Callahan made over $500,000 in mortgage payments on his primary residence with investor funds. The SEC is seeking the return of Sheri Callahan’s ill-gotten gains, with interest.
The Court previously issued an Order on March 27, 2012 preliminarily enjoining Callahan and his advisory firms from violating antifraud provisions of the federal securities laws, continuing an asset freeze of Callahan’s and his advisory firms’ assets, requiring Callahan and his advisory firms to repatriate assets, prohibiting Callahan and his advisory firms from soliciting or accepting any new investments, and appointing a receiver for the estates of Callahan’s advisory firms. [SEC v. Brian Raymond Callahan, et al., Civil Action No. 12-CV-1065 (EDNY) (ADS)] (LR-22386)
SK Private Investment Fund 1998 LLC, et al.
An order has been issued on an application filed by SK Private Investment Fund 1998 LLC, et al. to exempt certain limited liability companies formed for the benefit of eligible employees of Skadden, Arps, Slate, Meagher & Flom and its affiliates from certain provisions of the Investment Company Act of 1940 (Act). Each limited liability company will be an “employees’ securities company” within the meaning of Section 2(a)(13) of the Act. (Rel. IC-30091 – May 31)
A proposed rule change filed by Chicago Board Options Exchange, Incorporated (SR-CBOE-2012-051) related to FLEX options has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of June 4. (Rel. 34-67078)
A proposed rule change filed by the International Securities Exchange, LLC (SR-ISE-2012-43) relating to the Options Regulatory Fee has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of June 4. (Rel. 34-67087)
Approval of Proposed Rule Change
The Commission issued notice of filing of Amendment No. 1, and approved a proposed rule change filed by Financial Industry Regulatory Authority, Inc. (SR-FINRA-2012-018) to Amend NASD Rules 1012 (General Provisions) and 1017 (Application for Approval of Change in Ownership, Control, or Business Operations) to Adopt Form CMA, under Section 19(b)(2) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of June 4. (Rel. 34-67082)
Proposed Rule Changes
The International Securities Exchange, LLC has filed a proposed rule change (SR-ISE-2012-33) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 regarding strike price intervals for certain option classes. Publication is expected in the Federal Register during the week of June 4. (Rel. 34-67083)
The Chicago Board Options Exchange, Incorporated has filed a proposed rule change (SR-CBOE-2012-042) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder to list and trade CBOE S&P 500 AM/PM Basis Options. Publication is expected in the Federal Register during the week of June 4. (Rel. 34-67084)
Financial Industry Regulatory Authority, Inc. filed a proposed rule change (SR-FINRA-2012-026), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder, relating to the handling of stop and stop limit orders. Publication is expected in the Federal Register during the week of June 4. (Rel. 34-67085)
The following registration statements have been filed with the SEC under the Securities Act of 1933. The reported information appears as follows: Form, Name, Address and Phone Number (if available) of the issuer of the security; Title and the number and/or face amount of the securities being offered; Name of the managing underwriter or depositor (if applicable); File number and date filed; Assigned Branch; and a designation if the statement is a New Issue.
Registration statements may be viewed in person in the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. To obtain paper copies, please refer to information on the Commission's Web site at http://www.sec.gov/answers/publicdocs.htm. In most cases, you can view and download this information by using the search function located at http://www.sec.gov/edgar/searchedgar/companysearch.html.
S-11 KBS Legacy Partners Apartment REIT, Inc., 620 NEWPORT CENTER DRIVE, SUITE 1300, NEWPORT BEACH, CA, 92660, 949-417-6500 - 0 ($2,760,000,000.00) Equity, (File 333-181777 - May. 31) (BR. 08B) S-3 A123 SYSTEMS, INC., 200 WEST STREET, WALTHAM, MA, 02451, 6177785700 - 0 ($43,154,148.00) Equity, (File 333-181778 - May. 31) (BR. 10A) S-8 Macquarie Infrastructure CO LLC, 125 WEST 55TH STREET, 22ND FLOOR, NEW YORK, NY, 10019, 212-231-1000 - 500,000 ($16,407,500.00) Limited Partnership Interests, (File 333-181779 - May. 31) (BR. 04B) S-4 BakerCorp International, Inc., 3020 OLD RANCH PARKWAY, SUITE 220, SEAL BEACH, CA, 90740, 562-430-6262 - 0 ($240,000,000.00) Debt, (File 333-181780 - May. 31) (BR. 06) S-3 AFFYMETRIX INC, 3420 CENTRAL EXPRESSWAY, SANTA CLARA, CA, 95051, 4087315000 - 0 ($200,000,000.00) Unallocated (Universal) Shelf, (File 333-181781 - May. 31) (BR. 10A) S-8 KINDER MORGAN, INC., 500 DALLAS STREET, SUITE 1000, HOUSTON, TX, 77002, 713-369-9000 - 1,000,000 ($32,110,000.00) Equity, (File 333-181782 - May. 31) (BR. 02C) S-3 META FINANCIAL GROUP INC, 121 EAST FIFTH STREET, P O BOX 1307, STORM LAKE, IA, 50588, 7127324117 - 640,000 ($13,222,400.00) Equity, (File 333-181783 - May. 31) (BR. 07C) S-1 Cumberland Hills Ltd., 6955 NORTH DURANGO DRIVE, UNIT 1115, LAS VEGAS, NV, 89149, 949-351-3080 - 31,500,000 ($1,575,000.00) Equity, (File 333-181784 - May. 31) (BR. 06) S-3ASR POST PROPERTIES INC, 4401 NORTHSIDE PARKWAY, SUITE 800, ATLANTA, GA, 30327, 4048465000 - 0 ($0.00) Unallocated (Universal) Shelf, (File 333-181785 - May. 31) (BR. 08C) S-8 DARLING INTERNATIONAL INC, 251 O CONNOR RIDGE BLVD, STE 300, IRVING, TX, 75038, 9727170300 - 11,066,544 ($158,362,244.64) Equity, (File 333-181786 - May. 31) (BR. 04B) S-8 POLYONE CORP, POLYONE CENTER, 33587 WALKER ROAD, AVON LAKE, OH, 44012, 440-930-1000 - 0 ($25,520,000.00) Equity, (File 333-181787 - May. 31) (BR. 06A) S-8 GENTIVA HEALTH SERVICES INC, 3350 RIVERWOOD PARKWAY, SUITE 1400, ATLANTA, GA, 30339, 7709516450 - 2,150,000 ($11,717,500.00) Equity, (File 333-181788 - May. 31) (BR. 09A) S-8 TOTAL SYSTEM SERVICES INC, 1600 FIRST AVENUE, P O BOX 1755, COLUMBUS, GA, 31901, 7066492267 - 0 ($236,800,000.00) Equity, (File 333-181790 - May. 31) (BR. 03C) S-8 VALHI INC /DE/, 5430 LBJ FRWY, STE 1700, DALLAS, TX, 75240, 9722331700 - 200,000 ($3,052,400.00) Equity, (File 333-181791 - May. 31) (BR. 06A) S-8 NL INDUSTRIES INC, 5430 LBJ FREEWAY, SUITE 1700, DALLAS, TX, 75240-2697, 972-233-1700 - 200,000 ($2,513,000.00) Equity, (File 333-181792 - May. 31) (BR. 06A) S-8 KRONOS WORLDWIDE INC, 5430 LBJ FREEWAY, SUITE 1700, DALLAS, TX, 75240, 9722331700 - 200,000 ($3,538,000.00) Equity, (File 333-181793 - May. 31) (BR. 06A) S-8 COMPX INTERNATIONAL INC, 5430 LBJ FREEWAY, SUITE 1700, DALLAS, TX, 75240-2697, 9724481400 - 200,000 ($2,625,000.00) Equity, (File 333-181794 - May. 31) (BR. 06A) S-1 DANE EXPLORATION INC., 3577 - 349 WEST GEORGIA STREET, VANCOUVER, A1, V6B 3Y4, (604) 805-7292 - 25,000,000 ($500,000.00) Equity, (File 333-181795 - May. 31) (BR. 09B) S-8 Home Federal Bancorp, Inc. of Louisiana, 624 MARKET STREET, SHREVEPORT, LA, 71101, (318) 222-1145 - 194,522 ($2,861,244.00) Equity, (File 333-181797 - May. 31) (BR. 07C) S-1 MALVERN BANCORP, INC., 42 EAST LANCASTER AVENUE, PAOLI, PA, 19301, 610-644-9400 - 6,558,762 ($65,587,620.00) Equity, (File 333-181798 - May. 31) (BR. ) S-8 ISABELLA BANK CORP, 200 EAST BROADWAY, MT PLEASANT, MI, 48858, 5177729471 - 0 ($746,700.00) Equity, (File 333-181799 - May. 31) (BR. 07C) S-8 NORTH SPRINGS RESOURCES CORP., 200 S VIRGINIA, 8TH FLOOR, RENO, NV, 89501, (775) 398-3078 - 6,000,000 ($216,000.00) Equity, (File 333-181800 - May. 31) (BR. 04A) S-8 LSI CORP, 1621 BARBER LANE, MILPITAS, CA, 95035, 4084338000 - 7,368,792 ($50,181,474.00) Equity, (File 333-181803 - May. 31) (BR. 10B) S-3ASR MOLINA HEALTHCARE INC, 200 OCEANGATE, SUITE 100, LONG BEACH, CA, 90802, 5624353666 - 0 ($0.00) Unallocated (Universal) Shelf, (File 333-181804 - May. 31) (BR. 01B) F-3 TOWER SEMICONDUCTOR LTD, RAMAT GAVRIEL INDUSTRIAL PARK, PO BOX 619, MIGDAL HAEMEK, L3, 23105, 97246506611 - 85,000,000 ($64,600,000.00) Equity, (File 333-181805 - May. 31) (BR. 10B) S-8 LINKEDIN CORP, 2029 STIERLIN COURT, MOUNTAIN VIEW, CA, 94043, 650-687-3600 - 96,254 ($2,163,474.06) Equity, (File 333-181806 - May. 31) (BR. 03C) S-3 PENN VIRGINIA RESOURCE PARTNERS L P, FIVE RADNOR CORP CTR, 100 MATSONFORD RD STE 500, RADNOR, PA, 19087, 610 975 8200 - 0 ($208,919,011.47) Equity, (File 333-181807 - May. 31) (BR. 04A) S-8 World Energy Solutions, Inc., 446 MAIN STREET, WORCESTER, MA, 01608, 508-459-8100 - 0 ($2,856,000.00) Equity, (File 333-181808 - May. 31) (BR. 02C) S-8 CHINDEX INTERNATIONAL INC, 4340 EAST WEST HWY, SUITE 1100, BETHESDA, MD, 20814, 3012157777 - 1,000,000 ($9,395,000.00) Equity, (File 333-181809 - May. 31) (BR. 09B) S-8 OXIGENE INC, 701 GATEWAY BLVD., SOUTH SAN FRANCISCO, CA, 94080, 650-635-7000 - 0 ($1,335,000.00) Equity, (File 333-181810 - May. 31) (BR. 01B) S-3ASR KINDER MORGAN ENERGY PARTNERS L P, 500 DALLAS, SUITE 1000, HOUSTON, TX, 77002, 713-369-9000 - 0 ($0.00) Equity, (File 333-181811 - May. 31) (BR. 02C) F-3 Velti plc, FIRST FLOOR, 28-32 PEMBROKE STREET UPPER, DUBLIN, L2, 2, 33 (0) 1234 2676 - 0 ($2,034,644.46) Equity, (File 333-181812 - May. 31) (BR. 03B) S-3 OXIGENE INC, 701 GATEWAY BLVD., SOUTH SAN FRANCISCO, CA, 94080, 650-635-7000 - 0 ($50,000,000.00) Equity, (File 333-181813 - May. 31) (BR. 01B) F-3 Velti plc, FIRST FLOOR, 28-32 PEMBROKE STREET UPPER, DUBLIN, L2, 2, 33 (0) 1234 2676 - 0 ($10,409,909.09) Equity, (File 333-181814 - May. 31) (BR. 03B) S-3 INNERWORKINGS INC, 600 WEST CHICAGO, SUITE 750, CHICAGO, IL, 60610, 312-642-3700 - 855,078 ($9,914,629.41) Equity, (File 333-181815 - May. 31) (BR. 05B) S-8 RealD Inc., 100 NORTH CRESCENT DRIVE, SUITE 200, BEVERLY HILLS, CA, 90210, (310) 385-4000 - 0 ($24,042,506.25) Equity, (File 333-181816 - May. 31) (BR. 11C) S-3 Orchids Paper Products CO /DE, 4826 HUNT STREET, PRYOR, OK, 74361, 918-825-0616 - 0 ($50,000,000.00) Equity, (File 333-181817 - May. 31) (BR. 04A)
Form 8-K is used by companies to file current reports on the following events:
8-K reports may be viewed in person in the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. To obtain paper copies, please refer to information on the Commission's Web site at http://www.sec.gov/answers/publicdocs.htm. In most cases, you can view and download this information by using the search function located at http://www.sec.gov/edgar/searchedgar/companysearch.html.
STATE NAME OF ISSUER CODE 8K ITEM NO. DATE COMMENT ----------------------------------------------------------------------------------------- ACORDA THERAPEUTICS INC 8.01,9.01 05/31/12 ACORDA THERAPEUTICS INC 8.01 05/25/12 ADVANCED CELL TECHNOLOGY, INC. DE 8.01 05/30/12 AFFYMETRIX INC DE 8.01,9.01 05/30/12 ALBANY INTERNATIONAL CORP /DE/ DE 5.07 05/25/12 ALEXANDERS INC DE 5.07 05/24/12 ALLIANCE DATA SYSTEMS CORP DE 7.01,9.01 05/31/12 AMERICA FIRST TAX EXEMPT INVESTORS LP DE 8.01,9.01 05/31/12 AMERICAN AIRLINES INC DE 7.01,9.01 05/31/12 AMERICAN APPAREL, INC DE 7.01,9.01 05/31/12 American Casino & Entertainment Prope DE 8.01,9.01 05/31/12 AMERICAN LOCKER GROUP INC DE 5.07 05/31/12 AMR CORP DE 7.01,9.01 05/31/12 ANGEION CORP/MN MN 2.02,9.01 05/31/12 ARCTIC CAT INC MN 2.02,7.01,9.01 05/15/12 ARDEN GROUP INC DE 5.07,8.01,9.01 05/30/12 Armada Oil, Inc. NV 5.02,7.01,9.01 05/30/12 Armour Residential REIT, Inc. MD 5.07 05/30/12 Ascena Retail Group, Inc. DE 2.02,9.01 05/31/12 ATLAS PIPELINE PARTNERS LP DE 1.01,2.03,7.01,9.01 05/31/12 ATMI INC DE 7.01,9.01 05/31/12 Bacterin International Holdings, Inc. DE 7.01,9.01 05/30/12 BankGuam Holding Co 8.01,9.01 05/29/12 BELDEN INC. DE 5.03,5.05,5.07,9.01 05/30/12 BillMyParents, Inc. CO 1.01,3.02,9.01 05/24/12 Bio-Matrix Scientific Group, Inc. DE 8.01,9.01 05/26/12 BIOMARIN PHARMACEUTICAL INC DE 1.01,1.02,3.03,5.03, 05/30/12 9.01 BIOVEST INTERNATIONAL INC DE 7.01,9.01 05/31/12 Bitzio, Inc. NV 1.01,2.01,3.02,8.01, 05/23/12 9.01 Bitzio, Inc. NV 5.03,5.07,9.01 05/21/12 BlackRock Inc. DE 1.02,2.03,3.02,5.02, 05/25/12 8.01,9.01 BlackRock Kelso Capital CORP DE 5.07 05/31/12 BLAST ENERGY SERVICES, INC. CA 1.01,9.01 05/29/12 BOYD GAMING CORP NV 2.03,8.01,9.01 05/31/12 BRANDYWINE REALTY TRUST MD 5.07 05/31/12 Bunge LTD 5.07 05/25/12 BUTLER NATIONAL CORP DE 8.01,9.01 05/31/12 CAMAC Energy Inc. DE 1.01,7.01,9.01 05/24/12 CAMBRIDGE HEART INC DE 1.01,2.03,3.02,8.01, 05/23/12 AMEND 9.01 Capella Healthcare, Inc. DE 8.01,9.01 05/30/12 CAPITAL ONE FINANCIAL CORP DE 7.01 05/31/12 Care Investment Trust Inc. MD 5.02,9.01 05/24/12 CBS CORP DE 5.07 05/24/12 CELL THERAPEUTICS INC WA 1.01,3.03,5.03,7.01, 05/28/12 9.01 CELL THERAPEUTICS INC WA 2.02,7.01,9.01 05/31/12 CEMPRA, INC. DE 5.07 05/24/12 CENTER BANCORP INC NJ 5.02,5.07 05/24/12 CFS BANCORP INC IN 7.01,9.01 05/30/12 CHEESECAKE FACTORY INC DE 8.01 05/30/12 Chelsea Therapeutics International, L DE 8.01,9.01 05/31/12 CHESAPEAKE ENERGY CORP OK 7.01,9.01 05/23/12 CHICOPEE BANCORP, INC. 5.07 05/30/12 CHINA RECYCLING ENERGY CORP 5.07 05/28/12 China Shenghuo Pharmaceutical Holding 2.02,9.01 05/30/12 CHROMCRAFT REVINGTON INC DE 5.07 05/24/12 CIENA CORP DE 2.02,9.01 05/31/12 CIFC Corp. DE 5.02,5.07,9.01 05/29/12 CIGNA CORP DE 7.01 05/31/12 CITRIX SYSTEMS INC DE 5.02,5.07,9.01 05/24/12 Coleman Cable, Inc. DE 8.01,9.01 05/31/12 Colfax CORP DE 1.01,9.01 05/26/12 COLORADO INTERSTATE GAS COMPANY, L.L. DE 4.01,5.01,5.02,9.01 05/25/12 Compass Diversified Holdings DE 5.07 05/30/12 COMPX INTERNATIONAL INC DE 5.07,7.01,9.01 05/30/12 Comstock Homebuilding Companies, Inc. DE 1.01,2.03 05/31/12 COMSTOCK RESOURCES INC NV 8.01,9.01 05/31/12 COMVERSE TECHNOLOGY INC/NY/ NY 1.01,8.01,9.01 05/30/12 Congaree Bancshares Inc SC 5.07 05/24/12 Constant Contact, Inc. DE 1.01 05/29/12 CorTS(R) Trust III For Verizon Global DE 8.01 05/29/12 COVENTRY HEALTH CARE INC DE 5.02,9.01 05/24/12 Coyote Resources, Inc. NV 5.02,8.01,9.01 05/25/12 CPI International Holding Corp. 8.01,9.01 05/30/12 CRACKER BARREL OLD COUNTRY STORE, INC 5.02,9.01 05/30/12 CROSSROADS SYSTEMS INC DE 2.02,9.01 05/31/12 CSG SYSTEMS INTERNATIONAL INC DE 5.07 05/24/12 DCP Midstream Partners, LP DE 9.01 03/30/12 AMEND DECKERS OUTDOOR CORP DE 5.02,5.07,9.01 05/24/12 DELCATH SYSTEMS INC DE 1.01,7.01,9.01 05/25/12 Delek US Holdings, Inc. 7.01,9.01 05/31/12 Demand Pooling, Inc. DE 5.02 05/30/12 DIGITAL ALLY INC 5.07 05/25/12 Discover Card Execution Note Trust DE 1.01,8.01,9.01 05/30/12 DOVER MOTORSPORTS INC DE 7.01,9.01 05/29/12 DRINKS AMERICAS HOLDINGS, LTD DE 8.01,9.01 05/16/12 DYNEGY HOLDINGS, LLC DE 8.01,9.01 05/31/12 DYNEGY INC. DE 1.01,9.01 05/30/12 Eagle Bulk Shipping Inc. 1.01 05/30/12 Eastern Insurance Holdings, Inc. PA 2.02,9.01 05/31/12 Eastern Resources, Inc. DE 1.01,2.01,3.02,5.01, 04/06/12 AMEND 5.02,9.01 EDUCATIONAL DEVELOPMENT CORP DE 2.02,8.01,9.01 05/31/12 EL PASO ELECTRIC CO /TX/ TX 5.02,5.07,8.01,9.01 05/31/12 El Paso Pipeline Partners, L.P. DE 4.01,5.01,5.02,9.01 05/25/12 ELLIE MAE INC DE 3.01,7.01,9.01 05/31/12 EMC METALS CORP. A1 5.02 05/30/12 EMMIS COMMUNICATIONS CORP IN 8.01 05/30/12 EMPIRE RESORTS INC DE 1.01,9.01 05/30/12 Encore Bancshares Inc TX 8.01,9.01 05/31/12 ENDOLOGIX INC /DE/ DE 1.01,8.01,9.01 05/30/12 ENGLOBAL CORP NV 1.01,2.03,7.01,9.01 05/30/12 ENTERPRISE PRODUCTS PARTNERS L P DE 1.01,9.01 05/31/12 EPLUS INC DE 2.02,4.02,9.01 05/24/12 EQUUS TOTAL RETURN, INC. DE 8.01,9.01 05/30/12 Essex Rental Corp. DE 7.01,9.01 05/31/12 ESTERLINE TECHNOLOGIES CORP DE 2.02,9.01 05/31/12 EWaste Systems, Inc. NV 1.01,2.01,3.03,5.03, 10/14/11 AMEND 5.06,7.01,9.01 FAIRPOINT COMMUNICATIONS INC DE 5.07 05/30/12 FASTFUNDS FINANCIAL CORP NV 1.01,3.02,5.02,9.01 05/31/12 Federal Home Loan Bank of Boston X1 2.03 05/29/12 Federal Home Loan Bank of Cincinnati X1 2.03,9.01 05/29/12 Federal Home Loan Bank of Indianapoli X1 2.03,9.01 05/31/12 Federal Home Loan Bank of New York X1 2.03,9.01 05/29/12 Federal Home Loan Bank of Pittsburgh PA 2.03,9.01 05/25/12 FENTURA FINANCIAL INC MI 8.01 05/24/12 FERRO CORP OH 1.01,9.01 05/29/12 FIFTH THIRD BANCORP OH 1.01,2.03 05/29/12 FIRST COMMUNITY BANCSHARES INC /NV/ NV 8.01,9.01 05/31/12 FIRST LEVEL ENTERTAINMENT GROUP, INC. FL 3.02 05/31/12 FLOWSERVE CORP NY 8.01,9.01 05/31/12 FREDERICK COUNTY BANCORP INC MD 5.02,7.01,9.01 05/30/12 FRONTIER COMMUNICATIONS CORP DE 7.01 05/31/12 GAP INC DE 7.01,9.01 05/31/12 GARTNER INC DE 8.01 05/31/12 GAYLORD ENTERTAINMENT CO /DE DE 1.01,8.01,9.01 05/30/12 GAYLORD ENTERTAINMENT CO /DE DE 8.01,9.01 05/31/12 GENCORP INC OH 1.01,2.03,9.01 05/30/12 GENERAC HOLDINGS INC. DE 1.01,2.03,8.01,9.01 05/30/12 General Finance CORP DE 8.01,9.01 05/31/12 GENTA INC DE/ DE 8.01,9.01 05/31/12 GLEACHER & COMPANY, INC. DE 5.07 05/24/12 GLOBAL MOBILETECH, INC. NV 2.02,9.01 05/30/12 GlyEco, Inc. NV 8.01 05/28/12 GOLDEN QUEEN MINING CO LTD A1 5.07 05/30/12 GOLDEN STAR RESOURCES LTD 1.01,2.03,3.02,8.01, 05/31/12 9.01 GRANT PARK FUTURES FUND LIMITED PARTN IL 7.01,9.01 05/25/12 GREAT AMERICAN ENERGY, INC. 1.01,5.02 05/30/12 GREEN DOT CORP DE 5.07 05/24/12 H&E Equipment Services, Inc. DE 7.01 05/31/12 HANDENI GOLD INC. NV 7.01,9.01 05/31/12 HARBINGER GROUP INC. DE 8.01 05/24/12 HAWAIIAN HOLDINGS INC DE 5.07 05/24/12 Hawaiian Telcom Holdco, Inc. DE 5.07 05/11/12 HEALTHCARE SERVICES GROUP INC PA 5.07 05/29/12 HEALTHCARE TRUST OF AMERICA, INC. MD 7.01,9.01 05/31/12 AMEND HEARTLAND FINANCIAL USA INC DE 8.01,9.01 05/31/12 HELMERICH & PAYNE INC DE 1.01,2.03,9.01 05/25/12 HIBBETT SPORTS INC 5.02,5.03,5.07,7.01, 05/24/12 8.01,9.01 Hicks Acquisition CO II, Inc. 8.01,9.01 05/31/12 Homeowners Choice, Inc. FL 5.07 05/24/12 IMPERIAL CAPITAL BANCORP, INC. DE 1.03,9.01 05/24/12 IMPERIAL PETROLEUM INC NV 8.01,9.01 05/25/12 INFOSPACE INC DE 5.07 05/31/12 InfuSystem Holdings, Inc DE 5.03,5.07,9.01 05/24/12 INTERMOUNTAIN COMMUNITY BANCORP ID 8.01,9.01 05/31/12 Internal Fixation Systems, Inc. FL 1.01,9.01 05/22/12 Interval Leisure Group, Inc. DE 8.01 05/31/12 ISABELLA BANK CORP MI 5.02,9.01 05/31/12 IVANHOE ENERGY INC 3.01 05/24/12 JOY GLOBAL INC DE 2.02,7.01,9.01 05/31/12 KELLOGG CO DE 1.01,2.01,9.01 05/31/12 KEMET CORP DE 7.01,9.01 05/31/12 KEY TECHNOLOGY INC OR 2.05,8.01,9.01 05/30/12 KIRKLAND'S, INC 5.07 05/30/12 KOHLS Corp WI 2.02,9.01 05/31/12 KRAFT FOODS INC VA 1.01,8.01 05/30/12 LA JOLLA PHARMACEUTICAL CO DE 8.01 05/29/12 LaPorte Bancorp, Inc. X1 5.03 05/30/12 LAS VEGAS RAILWAY EXPRESS, INC. DE 5.02 05/01/12 LAS VEGAS RAILWAY EXPRESS, INC. DE 5.02 01/13/12 LBI MEDIA HOLDINGS INC 5.02 05/26/12 LEAP WIRELESS INTERNATIONAL INC DE 7.01,8.01,9.01 05/31/12 LEXINGTON REALTY TRUST MD 8.01 05/31/12 Lifevantage Corp CO 5.02,5.03,9.01 05/23/12 LIONS GATE ENTERTAINMENT CORP /CN/ A1 2.02,9.01 05/30/12 AMEND Lone Pine Holdings, Inc NV 5.03,9.01 05/23/12 LOOKSMART LTD DE 5.02,8.01,9.01 05/29/12 Lux Digital Pictures, Inc. 5.02,9.01 05/29/12 M&T BANK CORP NY 7.01,9.01 05/31/12 MACERICH CO MD 5.07 05/30/12 MACKINAC FINANCIAL CORP /MI/ MI 1.01,9.01 05/30/12 MALVERN FEDERAL BANCORP INC X1 8.01 05/31/12 Manhattan Bancorp CA 5.07 05/25/12 MARKWEST ENERGY PARTNERS L P 7.01,9.01 05/31/12 MCDERMOTT INTERNATIONAL INC R1 5.02,9.01 05/24/12 MCG CAPITAL CORP DE 5.07 05/30/12 MEDICAL ACTION INDUSTRIES INC DE 1.01,9.01 05/31/12 Medora Corp. 5.02,9.01 05/30/12 MEGA WORLD FOOD HOLDING CO NV 5.01,5.02 05/25/12 MetLife Insurance CO of Connecticut CT 8.01,9.01 05/31/12 METROPCS COMMUNICATIONS INC DE 5.02,5.07,9.01 05/24/12 MGP INGREDIENTS INC KS 5.07 05/31/12 MGT CAPITAL INVESTMENTS INC DE 5.07 05/30/12 MICRON TECHNOLOGY INC DE 5.02,9.01 05/23/12 Midstates Petroleum Company, Inc. DE 2.02,9.01 05/30/12 MINERALS TECHNOLOGIES INC DE 5.07 05/16/12 AMEND MONEYGRAM INTERNATIONAL INC 8.01 05/29/12 MORGAN STANLEY DE 7.01,9.01 05/31/12 Morningstar, Inc. IL 5.02,9.01 05/25/12 MORRIS PUBLISHING GROUP LLC GA 1.01 05/24/12 MOTORCAR PARTS AMERICA INC NY 1.01,3.02,9.01 05/24/12 MOTRICITY INC DE 5.02,9.01 05/29/12 MOVADO GROUP INC NY 2.02,9.01 05/31/12 MRC GLOBAL INC. DE 7.01,9.01 05/31/12 MRC GLOBAL INC. DE 8.01,9.01 05/30/12 MYOS Corp NV 5.02,9.01 05/24/12 NATIONAL RETAIL PROPERTIES, INC. MD 5.07 05/24/12 NAVISTAR INTERNATIONAL CORP DE 7.01 05/31/12 New England Bancshares, Inc. 1.01,9.01 05/30/12 New Enterprise Stone & Lime Co., Inc. DE 7.01,9.01 05/30/12 NEW YORK MORTGAGE TRUST INC MD 1.01,9.01 05/25/12 NEWMONT MINING CORP /DE/ DE 5.02 05/29/12 NEWS CORP 8.01,9.01 05/31/12 NEXSTAR BROADCASTING GROUP INC DE 5.07 05/24/12 NORDSTROM INC WA 7.01,9.01 05/31/12 NORDSTROM INC WA 8.01 05/31/12 Northern Tier Energy LLC DE 2.02,9.01 05/31/12 NORTHSTAR REALTY FINANCE CORP. MD 7.01 05/31/12 NVR INC VA 5.02,9.01 05/31/12 NxStage Medical, Inc. DE 5.07,8.01,9.01 05/24/12 OIL DRI CORP OF AMERICA DE 2.05,5.02 05/30/12 OMNIVISION TECHNOLOGIES INC DE 2.02,9.01 05/31/12 Options Media Group Holdings, Inc. NV 1.01,8.01 05/24/12 Orgenesis Inc. NV 1.01,9.01 05/31/12 Orgenesis Inc. NV 5.02,9.01 05/23/12 Orgenesis Inc. NV 1.01,9.01 05/02/12 ORRSTOWN FINANCIAL SERVICES INC PA 8.01 05/30/12 ORTHOFIX INTERNATIONAL N V 2.01,9.01 05/24/12 PACIFIC PREMIER BANCORP INC DE 7.01,9.01 05/31/12 Pershing Gold Corp. NV 1.01,9.01 05/24/12 PIER 1 IMPORTS INC/DE DE 2.02,9.01 05/31/12 Post Holdings, Inc. MO 1.01,5.02,9.01 05/29/12 POST PROPERTIES INC GA 1.01,8.01,9.01 05/31/12 POST PROPERTIES INC GA 5.07 05/30/12 PROTECTIVE LIFE CORP DE 8.01,9.01 05/31/12 QUALITY DISTRIBUTION INC FL 5.02,5.07,9.01 05/30/12 Rango Energy, Inc. NV 3.02,5.02 05/25/12 RAYMOND JAMES FINANCIAL INC FL 7.01,9.01 05/31/12 RealD Inc. DE 2.02,9.01 05/31/12 RealD Inc. DE 8.01,9.01 05/31/12 REGIONS FINANCIAL CORP DE 7.01,9.01 05/31/12 Resolute Energy Corp DE 5.07 05/31/12 RIVER VALLEY BANCORP IN 1.01,9.01 05/31/12 RXi Pharmaceuticals Corp DE 7.01,9.01 05/31/12 Sagent Pharmaceuticals, Inc. DE 5.07 05/23/12 SAIC, Inc. 2.02,9.01 05/31/12 SAKS INC TN 7.01,9.01 05/31/12 SALIX PHARMACEUTICALS LTD 8.01,9.01 05/29/12 SELECT COMFORT CORP MN 5.07 05/30/12 Seneca Foods Corp NY 5.02 05/24/12 SG BLOCKS, INC. DE 1.01,5.02,9.01 03/27/12 SIGNATURE GROUP HOLDINGS, INC. NV 8.01 05/31/12 SIRIUS XM RADIO INC. DE 8.01 05/30/12 SOURCEFIRE INC DE 5.07 05/31/12 Spectrum Brands Holdings, Inc. DE 1.01 05/24/12 Spectrum Brands, Inc. DE 1.01 05/24/12 SPLUNK INC DE 2.02,9.01 05/31/12 SS&C Technologies Holdings Inc DE 2.01,9.01 05/31/12 STAGE STORES INC NV 8.01,9.01 05/31/12 STARTEK INC DE 5.02 05/24/12 Steadfast Income REIT, Inc. MD 1.01,2.01,2.03,7.01, 05/24/12 9.01 Structured Products Corp CorTS Trust 8.01 05/25/12 Structured Products Corp. CorTS Trust DE 8.01 05/25/12 SUNRISE SENIOR LIVING INC DE 9.01 03/20/12 AMEND Support.com, Inc. DE 5.02 05/23/12 AMEND Susser Holdings CORP DE 5.07 05/24/12 TALBOTS INC DE 8.01,9.01 05/30/12 TAYLOR CAPITAL GROUP INC DE 7.01,9.01 05/31/12 TENGASCO INC TN 5.07 05/29/12 Terreno Realty Corp MD 2.01,7.01,9.01 05/30/12 THOMAS PROPERTIES GROUP INC DE 1.01,3.02,9.01 05/29/12 TILLY'S, INC. DE 2.02,9.01 05/30/12 TRANS LUX CORP DE 5.02 05/25/12 TRIUMPH GROUP INC DE 8.01,9.01 05/30/12 TRX INC/GA GA 4.01,9.01 05/29/12 tw telecom inc. DE 5.07 06/01/11 AMEND United Financial Bancorp, Inc. 1.01,7.01,9.01 05/30/12 UNITED NATURAL FOODS INC DE 1.01,2.03,9.01 05/24/12 Valeant Pharmaceuticals International A6 5.07 05/30/12 Valeant Pharmaceuticals International A6 7.01,9.01 05/31/12 VALOR GOLD CORP. 2.01,3.02,5.01,5.02, 05/24/12 5.06,9.01 Vera Bradley, Inc. 2.02,9.01 05/31/12 Verisk Analytics, Inc. DE 9.01 03/30/12 AMEND Vestin Realty Mortgage I, Inc. 1.01 05/31/12 Vestin Realty Mortgage II, Inc MD 1.01 05/31/12 VIASPACE Inc. 5.02,9.01 05/24/12 VICAL INC DE 5.02,5.07,9.01 05/24/12 VIEW SYSTEMS INC NV 4.01,9.01 03/18/12 AMEND VirnetX Holding Corp DE 5.07 05/24/12 VISHAY INTERTECHNOLOGY INC DE 1.01,2.03,3.02,7.01, 05/31/12 8.01,9.01 VOLT INFORMATION SCIENCES, INC. NY 5.02,9.01 05/24/12 VORNADO REALTY LP DE 5.07 05/24/12 VORNADO REALTY TRUST MD 5.07 05/24/12 Voyager Oil & Gas, Inc. DE 5.07 05/24/12 WABCO Holdings Inc. DE 5.07,8.01 05/25/12 WABCO Holdings Inc. DE 5.02 04/01/12 AMEND WATSCO INC FL 5.03,5.07,9.01 05/25/12 WEINGARTEN REALTY INVESTORS /TX/ TX 2.01,9.01 05/24/12 WELLS REAL ESTATE INVESTMENT TRUST II MD 8.01 05/31/12 Western Asset Mortgage Capital Corp DE 5.02 05/25/12 Westinghouse Solar, Inc. DE 8.01,9.01 05/25/12 Williams Partners L.P. 5.02,7.01,9.01 05/24/12 XEROX CORP NY 5.07 05/24/12 XOMA Corp DE 5.02,5.03,5.07,9.01 05/24/12 ZIMMER HOLDINGS INC DE 1.01,2.03,9.01 05/24/12 ZIONS BANCORPORATION /UT/ UT 5.07 05/31/12 ZIPCAR INC 5.07 05/31/12