Investor Funds at Stake with Reported Millions of Dollars in Net Losses for Several Companies Identified by the SEC as Delinquent in Their Periodic FilingsWednesday, August 14, 2019
The Securities and Exchange Commission (SEC) released an Order Instituting Administrative Proceedings (Order) against 5BARz International, Inc., Eagle Mountain Corporation, and EFT Holdings, Inc. for repeatedly defaulting in their periodic filings and failing to heed delinquency letters sent to them by the Division of Corporation Finance.
5BARz International, Inc. (stock symbol “BARZ”) is a Nevada corporation located in Miami, Florida that markets products that allow extended cellular connections to remediate locations that experience frequent dropped calls and poor cellular reception. According to the Order, the company failed to file periodic reports with the SEC since it filed a Form 10-K for the period that ended on December 31, 2017. This filing reported a net loss of nearly $4.1 million for the prior year.
Eagle Mountain Corporation (stock symbol “EMTC”) is a void Delaware corporation located in Kowloon, Hong Kong. According to Bloomberg, EMTC develops businesses and strategic partnerships primarily in the natural resources industries and infrastructure development projects in Latin America, North America, the Middle East and Africa. The SEC claims that EMTC failed to file periodic reports since it filed a Form 10-Q for the period that ended on March 31, 2016, which reported a net loss of over $11.65 million for the prior three months.
EFT Holdings, Inc. (stock symbol “EFTB”) is a Nevada corporation and holding company located in City of Industry, California. According to Bloomberg, EFTB “provides e-commerce publicly by identifying products including global travel, communication, and nutrition, personal, automobile and house care.” According to the Order, EFTB is delinquent in filing its periodic reports, having not filed since March 31, 2017 when it filed a Form 10-K. The report showed a net loss of over $9.44 million for the prior year.
As a result of the foregoing, 5BARz International, Inc., Eagle Mountain Corporation and EFT Holdings, Inc. 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 any of these companies due to bad investment advice from your broker or advisor, you may be able to recover your losses. Contact us today at 1-877-410-8172 for a free consultation.