SEC Targets Universal Express For Injunction Violation

Law360, New York (September 4, 2007, 12:00 AM EDT) -- A court on Friday ordered Universal Express Inc. to show cause why it should not be held in contempt of court for violating a permanent injunction in a lawsuit brought against the shipping company by the U.S. Securities and Exchange Commission for allegedly issuing penny stocks.

The court's order upheld two motions filed by the SEC earlier this year, asking for an entry of civil contempt against the company and the appointment of a receiver to ensure the enforcement of securities laws.

The SEC's motion for...
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