Wed., June 25, 2014 5:35pm (EDT)

Federal Regulators Halt Trading Of Medient Studio Stocks
By Sarah McCammon
Updated: 4 weeks ago

SAVANNAH, Ga.  —  
In early June, Medient Studios confirmed the company is cutting overhead by letting go an undisclosed number of employees.
In early June, Medient Studios confirmed the company is cutting overhead by letting go an undisclosed number of employees.
Federal regulators are halting trading of Medient Studios’ stocks. The Securities and Exchange Commission announced Wednesday that it’s suspending trading of stock in the Savannah film studio until July 9.

In a statement, the SEC says it took the action because of “questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the company’s total shares outstanding and its operations.”

Medient has not responded to requests for comment.

Earlier this month, the company’s board ousted its CEO in an apparent hostile takeover. The former CEO, Manu Kamaran, has since filed a lawsuit against the board.