Washington (Aug. 10, 2004) -- The Securities and Exchange Commission has yanked the right to issue stock from a dozen companies, including Redneck Foods Inc., which licensed restaurants under the icon of homespun comedian Jeff Foxworthy, citing the companies' failure to file required reports on time.
Chief Administrative Judge Brenda Murray ruled that the companies were in default due to failure to file a response to SEC injunctions or for not sending representatives to meet with attorneys for the regulator.
Among them, LRG restaurant Group, a Florida-based company that operates the Crabby Bill’s restaurant brand, had not filed a 10-Q since 1996. In May 1998, the SEC filed a complaint against LRG alleging that the "restaurant and natural resourced properties business" failed to file timely financial statements, or even notifications of late filing, according to TheStreet.com.
Others under the SEC dictum were: Alcohol Sensors International Ltd., Beachport Entertainment Corp., Biosonics Inc., Compressent Inc., Holly Holdings Inc., Intelligent Decision Systems Inc., Long Distance Direct Holdings Inc., Nevada Manhattan Group Inc., Safetech Industries Inc. and Xavier Corp.
-- WebCPA staff
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