Businessweek

The registrations of the registered securities of NOVAHEADinc. have been revoked. The Company had repeatedly failed to file required annual and quarterly reports with the Securities and Exchange Commission (SEC). Thus, the Company violated a crucial provision of the federal securities laws that requires public corporations to publicly disclose current, accurate financial information so that investors may make informed decisions. The revocation was ordered in an administrative proceeding before an administrative law judge.

Securities and Exchange Commission (SEC) instituted public administrative proceedings to determine whether to revoke or suspend for a period not exceeding twelve months the registration of each class of the securities of NOVAHEADinc. for failure to make required periodic filings with the Commission. In this Order, the Division of Enforcement (Division) alleges that the Company is delinquent in required periodic filings with the Commission. In this proceeding, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the Administrative Law Judge will hear evidence from the Division and the Company to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 there under, are true. The Administrative Law Judge in the proceeding will then determine whether the registration pursuant to Exchange Act Section 12 of each class of the securities of the Company should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge in this proceeding issue an initial decision not later than 120 days from the date of service of the order instituting proceedings.