LEGACYXCHANGE INC REVIEW
This complaint was posted on NAS on 4th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/legacyxchange-inc-5YCUJ/legacyxchange-inc-caught-red-handed-by-sec-now-on-trading-suspension-id5ydod .
LegacyXChange Inc Caught Red Handed By SEC! Now On A Trading Suspension
LegacyXChange Inc investors are alarmed by the recent trading suspension put on this stock by SEC. Such suspensions are put on stocks and companies commonly for one of the many reasons listed below:
Lack of information provided by the company
Company provides inaccurate information to the public and its investors
These suspensions are a big red flag for the investors to reinvest their money on more reliable and legitimate stocks. While sometimes the SEC has suspended companies for lack of proper paperwork, more often than not, major frauds & schemes were busted during their investigations.
If you were having second thoughts about investing your money in LegacyXChange Inc, then I strongly suggest that you go with your intuition.
LegacyXChange Inc Might Be Defrauding You
SEC only suspends trades when absolutely necessary. A trading suspension is a big deal, however, brokers and companies try to downplay it. So if you are a stock-holder at this company, then be ready to receive a call from a representative telling you how this suspension is nothing major (if they haven’t already). Do not listen to them. They don’t care about your well being, they just want your money.
It is strongly recommended that you avoid doing business with this company or if you are already a stock-holder, then seriously reconsider your investment.
LegacyXChange Inc Trading Suspension Details
The Securities and Exchange Commission announced the temporary suspension of
trading in the securities of LegacyXChange, Inc. (LEGX) commencing at 9:30 a.m. EDT
on September 25, 2020, and terminating at 11:59 p.m. EDT on October 8, 2020.
The Commission temporarily suspended trading in the securities of the foregoing
company due to a lack of current and accurate information about the company because it
has not filed certain periodic reports with the Commission. The order was entered
pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act).
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 this company.
Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2-
11, at the termination of the trading suspension, no quotation may be entered relating to
the securities of the subject company unless and until the broker or dealer has strictly
complied with all of the provisions of the rule. If any broker or dealer is uncertain as to
what is required by the rule, it should refrain from entering quotations relating to the
securities of this company that has been subject to the trading suspension until such time
as it has familiarized itself with the rule and is certain that all of its provisions have been
met. Any broker or dealer with questions regarding the rule should contact the staff of
the Securities and Exchange Commission in Washington, DC at (202) 551-5777. If any
broker or dealer enters any quotation that is in violation of the rule, the Commission will
consider the need for prompt enforcement action.
If any broker, dealer or other person has any information that may relate to this matter,
they should immediately contact Elisha L. Frank, Assistant Regional Director, or Jason
R. Berkowitz, Assistant Regional Director, Miami Regional Office of the Securities and
Exchange Commission at (305) 982-6300, or Michael D. Paley, Assistant Regional
Director, New York Regional Office of the Securities and Exchange Commission at
Have Information On LegacyXChange Inc?
Investors and staff members who are associated with LegacyXChange Inc can contribute a lot to this open forum by sharing their experience with this company. Companies who receive trading suspensions or warnings from the SEC contact their investors and persuade them to think that these actions are not a big deal which is a total lie. Your comment can help someone avoid financial ruin.