Universal Express Fights SEC's Moves To Drop Claims

Law360, New York (July 17, 2007, 12:00 AM EDT) -- A transportation company fined $22 million for illegally distributing shares is fighting moves by the U.S. Securities and Exchange Commission to drop six claims against it without legal prejudice, saying the regulator shouldn't “have it both ways.”

Universal Express, its chief executive, Richard Altomare and in house counsel Chris Gunderson, who were ordered to pay the hefty penalty after a judge ruled in February they breached securities laws, have slammed the SECs motion to voluntarily dismiss the remaining, unadjudicated claims of the complaint because it denied...
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