What happens when a stock is halted then without resuming trading, the NASD threatens to De-List the stock on XX date? Will trading resume prior to de-listing? What happens to those longs who good-faith believed in the company and now due to the halt, have their money tied up? Etc etc thanks
They'll trade on the pinks sheets. old school style. I wonder if i still have LOCH? should have sold at 5.
You can pray that the company will do what's needed (file late reports, talk to regulators over their concerns about business practices, etc.) to get relisted. DYII got relisted. IPXLE likely will be relisted. ASW went to the Pink Sheets and seems to have disappeared. Are you talking about CAFE? They aren't delisted yet, and they can request a hearing. But they've had 2 weeks since the trading halt to explain the press release and the insider sales, and if Nasdaq and the SEC still aren't satisfied, I'm not sure what can happen over the next week to suddenly change their mind.
CAFE is a reminder that there is actual risk in trading and its not just a shell game where the lesser fool sells to the greater fool. Actually, this happens less often than in should, since the SEC is impotent.
CAFE is under SEC suspension pending info on tranactions with WMT that they (SEC) feel may have been misleading. They were supposed to resume 8-5 but failed to comply & went from halted to suspended status. I don't believe the generally appicable "PINK SHEET TRADING" applies when under SEC suspenson for info request. I know CAFE hasn't traded. NOE : CAFE Company Phoe # FYI= 203-248-4100
all the longs should be getting notice... *DJ Host America Named In Shareholder Class Action Lawsuit, Law Firm Says>CAFE . (MORE TO FOLLOW) Dow Jones Newswires August 08, 2005 16:36 ET (20:36 GMT)
I've never gotten a notice when a suit is filed against a company whose stock I'm long. Suits are filed constantly by a handful of these "law firms" every time a stock craters. Most of them go nowhere. You may only get notified if a settlement or judgement occurs (years later), and you may be a member of the class.
I have never had a stock in my portfolio being suspended until this CAFE. Usually, how much percent the price will drop after a symbol being droped to the pink sheets? Does any one has similar experience before?