SEC suspends trading of movie studio stock
The Securities and Exchange Commission suspended the trading of Georgia-based Medient Studios stock Wednesday over questions of accuracy and publicly available information about the company.
Medient Studios created a buzz more than a year ago in Effingham County near Savannah when it proposed a massive filming complex. But after a year of hype and talk, there is no construction and the company’s stock value, which was $2.33 last July, trades for less than a penny a share.
The studio recently fired its CEO, Manu Kumaran, and new leaders promised in a conference call with shareholders that the company still planned to forge ahead with producing movies in multiple languages for the world market.
About the Author
J. Scott Trubey is the senior editor over business, climate and environment coverage at The Atlanta Journal-Constitution. He previously served as a business reporter for the AJC covering banking, real estate and economic development. He joined the AJC in 2010.
