US: Queénch hit by SecEx suspension
Trading in Queénch has been temporarily suspended. On Friday, the Securities and Exchange Commission issued a stop trading letter on the New York-based bottled water company.
The Commission temporarily suspended trading in the securities of Queénch because of questions that have been raised about the accuracy and adequacy of publicly disseminated information, among other things; vendor contracts between Queénch and Time-Warner, Inc., 7-Eleven, Disney World Property-Grosvenor Resorts and others; the "exclusive distribution" of Queénch products through Sysco Food Service; the launching of Queénch's new distribution channel covering the 700 islands of the Bahamas; and the accuracy of Queénch's published financial information.
In a statement released today, Queénch said that it is investigating the basis for the letter. It added that it did not knowingly issue any misleading information. "However," the statement concluded, "If corrections are necessary Queénch will post all necessary corrections no later than Wednesday 24 March 2004.
The suspension is set to last until 2359 EST on 1 April 2004.
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