Elk River, Minn. (Dec. 4, 1995) -- SolarAttic, Inc. announced today that it has filed a formal written request petitioning the Minnesota Attorney General to investigate the Minnesota Department of Commerce's Securities Registration Division for violations of law.
The company alleges that the Securities Registration Division was engaged in a CONSISTENT PATTERN of violating the law during the company's recent attempt at a "self-underwritten" Initial Public Offering (IPO). SolarAttic alleges that the Securities Division VIOLATED: A) The company's Due Process and other rights as guaranteed by the Minnesota Constitution; B) Numerous provisions of the Administrative Procedures Act (M.S. 14.001 to M.S. 14.69) including the illegal imposition of unpublished and internal policies as rule of law upon the company; C) Numerous provisions of the Securities Statutes at M.S. 80A; D) Numerous provisions of the Securities Rules at Chapter 2875; and, E) Numerous provisions of M.S. 45— the Department Of Commerce General Powers Statute. In addition, violations of M.S. 43A.38 Code of Ethics Statute for state employees may have occurred and even outright fraud—If fraud means knowingly misleading someone from a position of authority.
Ed Palmer, SolarAttic's president, said: "During the company's self-underwritten Initial Public Offering, SolarAttic uncovered a consistent pattern of violating the law within the State's Securities Division. It is responsible for SolarAttic stopping its IPO. The company has petitioned the Attorney General for a full investigation. All company IPO files have been made available to the Attorney General." For further information, contact James Kantorowicz or Ed Palmer at (612) 441-3440..
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