Elk River, Minn. (Jan. 9, 1996) -- SolarAttic, Inc. announced today that it has filed a formal written request petitioning Minnesota Governor Arne Carlson to initiate an investigation of 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 Registration 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provisions of the Administrative Procedures Act (M.S. 14.001 to M.S. 14.69) including the illegal imposition of unpublished and internal policies as rule of law upon the company; C) Numerous provisions of the Securities Statutes at M.S. 80A; D) Numerous provisions of the Securities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 against the company and its investors.
Ed Palmer, SolarAttic's president, said: "The company's recent petition to Governor Carlson was a direct result of the Attorney General's refusal to investigate. (`My office serves as legal counsel for the Commerce Department and is not in a position to conduct an investigation ...' Dec. 21, 1995) SolarAttic now wonders who, in state government, protects the rights of the company and its 57 small investors from illegal regulatory activities that originate from bureaucrats within the Commerce Department?" For further information, contact James Kantorowicz or Ed Palmer at (612) 441-3440.
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