The US Securities and Exchange Commission has temporarily suspended trading of shares of Apogee Technology Inc., citing the company’s apparent failure to file routine public financial reports.
The SEC said the Norwood biotechnology company has not filed quarterly financial reports since June 30, 2011. The commission suspended trading of Apogee shares for two weeks beginning Monday. It will conduct administrative proceedings to investigate the matter.
Apogee officials could not be reached for comment yesterday. The company’s main telephone number did not appear to be in working order. Stock of the company are thinly-traded. It is listed on the OTC Bulletin Board and traded on only seven days in June. Its last closing price was 9 cents a share, on June 25.
In 2009 the SEC sued Apogee Technology, alleging the company and two executives engaged in a scheme to inflate revenues.