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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
SECURITIES FREEDOM GOLF ADMINISTRATIVE PROCEEDING QUARTERLY REPORTS EXCHANGE COMMISSION INSTITUTING SUSPEND REVOKE STOCK FAILING LAWS ALLEGES PROJECTIONS THEREUNDER ALLEGATIONS ACCORDING ENFORCEMENT PUBLISHED PROJECTIONS REVENUE EARNINGS REASONABLE BASIS DISCLOSE MATERIAL INFORMATION VIOLATION MOREOVER ADMINISTRATIVE LAW JUDGE RESPONDENT DISPUTE PROTECTION INVESTORS |
United States Securities and Exchange Commission
Washington, DC
Securities Exchange Act of 1934
Release No. 47636 / April 7, 2003
Administrative Proceeding
File No. 3-11082
The Securities and Exchange Commission announced today that it has
instituted administrative proceedings against Freedom Golf Corporation
("Freedom Golf") to suspend or revoke the registration of its stock
for failing to comply with the antifraud provisions of the federal
securities laws and failing to file annual and quarterly reports.
According to the Order Instituting Public Proceedings, the Division of
Enforcement ("Division") alleges that Freedom Golf created and
published projections concerning its revenue and earnings that lacked
any reasonable basis, and failed to disclose material information
concerning the projections, in violation of Section 10(b) of the
Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5
thereunder. Moreover, the Division alleges that Freedom Golf has
failed to file its annual report for its fiscal year ending September
30, 2002 and its quarterly report for December 31, 2002, as required
by Section 13(a) of the Exchange Act and the rules thereunder.
A hearing will be scheduled before an administrative law judge to
determine whether the allegations contained in the Order are true and,
if so, to provide Respondent an opportunity to dispute these
allegations, and to determine whether it is necessary or appropriate
for the protection of investors to suspend or revoke the registration
of Freedom Golf's stock.
_________________________________________________________________
Modified 04/08/2003
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