SEC Institutes Administrative Proceedings against Cannabis and Metal Mining Companies for Delinquency in Periodic FilingsThursday, July 16, 2020
On July 6, 2020, the Securities Exchange Commission (SEC) recently released an Order Instituting Administrative Proceedings (Order) against Notis Global, Inc. and Nexus Biopharma, Inc. with accusations that they repeatedly defaulted in their periodic filings with the SEC and failed to heed delinquency letters sent to them by the Division of Corporation Finance.
Notis Global, Inc. (stock symbol “NGBL”) is a Nevada corporation in Middletown, New Jersey that operates as a vertically grown cannabis company. The SEC claims that Notis Global is delinquent in its periodic reporting, having not filed since it filed a Form 10-K for the period that ended on December 31, 2017. This filing reported a net loss of over $117 million for the prior twelve months.
Nexus Biopharma, Inc. (stock symbol “NEXS”) is a metal mining and exploration company located in Montclair, New Jersey. According to the Order, Nexus Biopharma is delinquent in its periodic reporting, having not filed since it filed a Form 10-Q for the period that ended on May 31, 2017. This filing reported a net loss of $309,199 for the prior three months.
As a result of the foregoing, Notis Global and Nexus Biopharma failed to comply with Exchange Act Section 13(a) and Rules 13a-1 and/or 13a-13. The Order requested an investigation into the allegations to determine whether these allegations are true and, if deemed necessary, to instill a sanction on the companies to protect future investors.
If you invested and lost money in either of these companies due to bad investment advice from your broker, you may be able to recover your losses. Contact us today (1-877-410-8172) for a free consultation.