Pharmaceutical Company and Seafood Company Identified by the SEC as Delinquent in Their Periodic FilingsMonday, August 26, 2019
The Securities and Exchange Commission (SEC) released an Order Instituting Administrative Proceedings (Order) against Medisun Precision Medicine, Ltd. and Omni Shrimp, Inc. for repeatedly defaulting in their periodic filings and failing to heed delinquency letters sent to them by the Division of Corporation Finance.
Medisun Precision Medicine, Ltd. (stock symbol “MPME”) is a pharmaceutical company that develops chemotherapy drugs and neurological therapies. The company is an annulled Marshall Islands corporation located in Majuro, Marshall Islands. According to the SEC, Medisun has not filed a periodic report since it filed a Form 10-Q for the period that ended on June 30, 2017. This filing reported a net loss of over $3.5 million for the prior six months.
Omni Shrimp, Inc. (stock symbol “OMSH”) is a Nevada corporation located in Madeira Beach, Florida that supplies seafood products to supermarkets, universities and restaurants within the United States. The SEC claims that Omni Shrimp failed to file periodic reports since it filed a Form 10-Q for the period that ended on September 30, 2017, which reported a net loss of nearly $4 million for the prior nine months.
As a result of the foregoing, these companies failed to comply with Exchange Act Section 13(a) and Rules 13a-1 and/or 13a-13. The SEC requests an investigation 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 Medisun Precision Medicine, Ltd. or Omni Shrimp, Inc. due to bad investment advice from your broker, you may be able to recover your losses. Contact us today at 1-877-410-8172 for a free consultation.