According to TechFlow, on October 16, according to public documents, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against UBI Blockchain Internet Ltd. (UBIA), accusing it of failing to submit regular reports as required. UBIA is a company registered in Delaware and located in Hong Kong, China, and its securities are registered with the SEC under Section 12(g) of the Securities Exchange Act.
The SEC said the company has not filed any periodic or other reports since the previous lawsuit against UBIA was dismissed on June 2, 2023. UBIAâs 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 first nine months.
The SEC emphasizes that even voluntarily registered companies are required to file accurate and timely periodic reports with the SEC under Section 13(a) of the (Securities Exchange Act) and related rules. The SEC believes it is necessary to initiate a public administrative proceeding to determine whether the registration of UBIA securities should be suspended or revoked to protect the interests of investors.