SEC Seeks To Halt Publisher’s IPO, Citing Oddities
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The Securities and Exchange Commission is seeking to halt a $3.6 billion initial public offering by a Canadian publisher that claims “Al Greenspan” as an auditor and seeks to unite the world using one language, one currency, and one postage stamp.
Apollo Publication Corporation said in its IPO filing that two former presidents, George H.W. Bush and Jimmy Carter, serve as directors, the SEC said in a statement yesterday. Apollo falsely claimed that Canadian Imperial Bank of Commerce, the country’s fourth-largest bank, was leading the stock sale along with eight other banks, the SEC said.
“When God created the Universe, her children have lived on the planets and stars like Earth all over the Universe,” Apollo said in its company overview filed with the SEC.
The regulator will hold an administrative hearing September 26, two days before the company’s registration becomes effective. An SEC spokesman, John Nester, declined to comment. CIBC said Apollo used its name without permission.
“Neither CIBC World Markets nor any of its affiliates is any way connected with the registration statement, the offering or the issuer,” a spokesman, Stephen Forbes, said by e-mail.
The SEC’s division of corporate finance flagged Apollo’s registration after it was filed. The regulator can sue companies if they make material misstatements about their financial condition.
