TechFlow news, October 16 — According to public documents, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against UBI Blockchain Internet Ltd. (UBIA), accusing the company of failing to file periodic reports as required. UBIA is a Delaware-registered company based in Hong Kong, whose securities are registered with the SEC under Section 12(g) of the Securities Exchange Act.
The SEC stated that since dismissing a prior action against UBIA on June 2, 2023, the company has not submitted any periodic or other reports. UBIA’s last periodic filing was a Form 10-Q for the period ended May 31, 2019, which reported a net loss of $2,043,557 for the preceding nine months.
The SEC emphasized that under Section 13(a) of the Securities Exchange Act and related rules, even companies that register voluntarily must submit accurate and timely periodic reports to the SEC. The SEC believes it is necessary to initiate a public administrative proceeding to determine whether the registration of UBIA’s securities should be suspended or revoked in order to protect investor interests.
