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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
COMMISSION REPORTS SECURITIES COMPLAINT ALLEGES EXCHANGE ACT PARALLEL TECHNOLOGIES DISTRICT FILING PERIODIC REPORTS DELINQUENT WASHINGTON LITIGATION UNITED STATES DISTRICT STATES DISTRICT COURT COLUMBIA YONKERS YORK PUBLICLY-OWNED COMPUTER SOFTWARE COMPUTER SOFTWARE COMPANY ACCURATE INFORMATION FINANCIAL CONDITION ANNUAL REPORT QUARTERLY REPORTS NOTIFICATIONS COMPEL PARALLEL ENJOIN PARALLEL VIOLATIONS THEREUNDER |
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
Litigation Release No. 14848 / March 20, 1996
Securities and Exchange Commission v. Parallel Technologies, Inc.
Case No. 96-CV00545 (D.D.C.) (filed March 19, 1996)
On March 19, 1996, the Commission filed a complaint in the
United States District Court for the District of Columbia against
Parallel Technologies, Inc. ("Parallel") of Yonkers, New York.
The complaint alleges that Parallel a publicly-owned computer
software company failed to make available to the investing public
current and accurate information about its financial condition
and results of operation 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
Parallel has not filed its Annual Report on Form 10-K for the
fiscal year ended December 31, 1994, three Quarterly Reports on
Form 10-Q for its fiscal quarters ended March 31, June 30, and
September 30, 1995 and three Notifications of Late Filing with
respect to its delinquent reports. The Commission seeks to
compel Parallel to file its delinquent periodic reports and to
enjoin Parallel from further violations of Section 13(a) of the
Exchange Act and Rules 12b-25, 13a-1 and 13a-13, thereunder.
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