U.S. Securities & Exchange Commission
SEC Seal
Home | Previous Page
U.S. Securities and Exchange Commission

SEC Suspends Trading in NYSE-Listed ACLN

FOR IMMEDIATE RELEASE
2002-38

Washington, D.C., March 18, 2002 — The Securities and Exchange Commission today announced the temporary suspension of trading of securities of A.C.L.N. Ltd., of Limassol, Cyprus, and Antwerp, Belgium. The company's stock has been trading on the New York Stock Exchange since July 18, 2001. Options in ACLN's stock are traded through the Amex system. The Commission suspended trading in ACLN's stock because of concerns about the accuracy of publicly available information about the company. The suspension will run from 9:30 a.m. EST on March 18, 2002, until 11:59 p.m. EST on April 1, 2002.

Among other things, the Commission's Order cited the following areas of concern:

  • ACLN's claims concerning the revenue and income obtained from its new car wholesale business, the volume of that business and the source of the cars sold;
     
  • ACLN's claim to ownership and its valuation of a shipping vessel that documents of title indicate are jointly owned by persons or entities other than ACLN;
     
  • ACLN's claims concerning the revenue and income obtained from arranging the transportation of used cars, including its reported dramatic increase in revenue from this source during 2001;
     
  • statements in an ACLN press release announcing that it had acquired an ownership interest in five companies, each of which owns a car carrier vessel;
     
  • the business relationship and the nature of financial transactions between ACLN and Matina Forwarding and Trading, a related entity;
     
  • the source of funds claimed by ACLN as a corporate asset and deposited at the BNP Paribas Bank, Luxembourg; and
     
  • ACLN's nondisclosure of the existence of a warrant issued by Tunisian authorities for the arrest of Abderrazak Labiadh, ACLN's president, CEO, and managing director, for allegedly misappropriating funds from a Tunisian company he founded.

"This action reflects the commitment of the Commission to police the accuracy and completeness of the information provided to the investing public, whether by a domestic or foreign issuer," said Paul R. Berger, Associate Director of Enforcement.

The Commission acknowledges the assistance of the New York Stock Exchange in this matter.

Contact: Paul R. Berger (202) 942-4560 or Richard C. Sauer (202) 942-4777

 

http://www.sec.gov/news/headlines/aclnsuspension.htm


Modified: 03/18/2002