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Jul 23, 2005 (New Haven Register - Knight Ridder/Tribune Business News via COMTEX) -- HAMDEN -- The U.S. Securities and Exchange Commission suspended trading in Host America Corp.'s stock for two weeks Friday, after an unprecedented 10-day run-up in the company's stock price.
In a written notice, the SEC cited concerns that a July 12 press release announcing a deal to install energy-saving devices in 10 Wal-Mart stores "may have been misleading."
The temporary suspension started at 9:30 a.m. Friday and is slated to end at 11:59 p.m. Aug. 4.
The stock closed at $14.25 a share Friday on Nasdaq, up from $3.12 a share the day before the Wal-Mart announcement.
Trading volume surged from 41,000 shares traded July 11 to more than 23 million shares traded July 13. Trading topped 8 million Thursday, the last full day of trading.
Before the halt Friday morning, the stock jumped from Thursday's closing price of $13.92 a share to $14.25.
"The commission cautions brokers, dealers, shareholders and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information, and any information subsequently issued by the company," the SEC statement read.
Host America officials did not return phone calls Friday, and Wal-Mart declined to comment. The SEC does not comment on its actions.
On Thursday, the SEC asked Host America for information and documents related to the July 12 press release. At that time, Host America President Geoffrey Ramsey said in a statement that "Host is fully cooperating with this inquiry."
In its initial release, Host America said Wal-Mart had agreed to install an energy-saving device in 10 of its stores in the Southwest.
Investors are betting the company's LightMasterPlus system, which cuts the cost of running fluorescent lights, will land in more of Wal-Mart's 3,725 U.S. stores, and in other stores and buildings.
Jacob S. Frenkel, an attorney with Shulman, Rogers in Maryland and a former SEC enforcement lawyer, said trading suspensions have become more common but remain "a very unusual and significant step."
"The implication of the suspension is that the information in the public marketplace is so deficient that the SEC believes that trading of the stock should be halted," said Frenkel. "The other implication is that it's not just the information, but there is a belief at the SEC that there was possibly manipulative trading fueled by the inaccurate information."
Host America, headquartered at 2 Broadway, was founded in 1986 as University Dining Services, and is involved in food management and alternative energy businesses