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Co. Illegally Distributed Shares: Judge

Law360 (February 23, 2007, 12:00 AM EST) -- A Manhattan federal judge has come down against a Florida-based transportation company and its officers for illegally distributing 500 million shares of company stock and making misleading public statements.

In a win for the U.S. Securities and Exchange Commission, Judge Gerard E. Lynch denied summary judgment for Universal Express Inc. and many of its officers on Wednesday in the U.S. District Court for the Southern District of New York.

Lynch granted the SEC’s request for an injunction against the company for illegally distributing hundreds of millions...
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