Direct marketing company GenesisIntermedia Inc. is being investigated by the Securities and Exchange Commission and the company’s chief executive has resigned.
CEO Ramy El-Batrawi cited “current circumstances” and the best interest of the company as the reasons for his departure. Stephen Weber, named interim chief executive, succeeds him.
Weber and other company representatives met last Thursday with representatives of the Nasdaq stock market concerning the halt in trading of the company’s shares on Sept. 25. The shares have not traded since then, the company said.
Nasdaq has sought information relating to certain transactions, including transactions involving Ultimate Holdings Ltd., a substantial shareholder of GenesisIntermedia, and Native Nations Securities, Inc., as well as El-Batrawi’s possible role in those transactions, according to news reports.
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