DESKCONNECT STOCK SOFTWARE

District Court for the Central District of California. The company's Web site also was unavailable Thursday evening.ĮConnect issued a press release March 3 that said it and its joint venture partner, Pilot Island, a subsidiary of International Digital Holding had established a business agreement with Palm with respect to a wireless Internet product they developed, according to the complaint filed on Thursday in U.S. Hughes did not return phone calls seeking comment. The securities regulator also is seeking civil penalties and a permanent injunction. The SEC is seeking a temporary restraining order against the company and its chief executive, Thomas Hughes, from violating fraud provisions of federal securities laws. Shares of eConnect, which last traded on the over-the-counter bulletin board under the symbol 'ecnc', were halted on March 13. 28 to a high of $21.88 on March 9 on heavy trading volume,' the SEC said.

'The fraudulent press releases misrepresented eConnect's potential business opportunities, thereby causing a dramatic rise in the price of eConnect's stock from $1.39 on Feb.

DESKCONNECT STOCK SOFTWARE

NEW YORK (CNNfn) - The Securities and Exchange Commission on Thursday said it filed fraud charges against eConnect, claiming that the company issued false statements about its business opportunities.ĮConnect, which is headquartered in San Pedro Calif., already is facing two class-action lawsuits filed by shareholders earlier this month which make similar claims.Īll of the suits accuse the company, which develops hardware and software used to enable remote credit-card transactions over the Internet, of issuing press releases that made false claims about the company and its joint venture partner's relationship with Palm, 3Com's spin-off which makes the popular 'Palm Pilot' handheld computers. Regulators claim company lied about its business relationships

Deskconnect stock