Home Solutions investor may seek two board seats if concerns continue

By Lisa Kerner

Charlotte, N.C., Aug. 11 - Home Solutions of America Inc. shareholder MT Trading LLC said it may seek two seats on the company's board of directors at its next annual meeting if questions about the company's performance and financial disclosures are not answered, according to a schedule 13D filing with the Securities and Exchange Commission.

Home Solutions shareholder MT Trading LLC noted that the company failed to file with the SEC its form 10-Q for the third quarter of 2007, its form 10-K for fiscal year 2007, which would include audited financial statements for 2007, and its form 10-Q for the first quarter of 2008.

According to MT Trading, Home Solutions' failure to file the documents has deprived shareholders of "relevant financial and other information" about Home Solutions for more than six months.

Homes Solutions has also not filed a proxy statement for an annual meeting to be held in 2008 to elect directors, according to a schedule 13D filed with the SEC.

In a July SEC filing, MT Trading urged the company to hold an annual meeting as soon as possible to elect directors.

MT Trading, a 6.6% shareholder, wants the board and management to explain to shareholders recent developments, including:

• Home Solutions' failure to provide shareholders information as required by SEC rules;

• The appointment of a new chairman of the board;

• The appointment of an interim chief financial officer;

• The entry of indemnity agreements with independent directors and certain executive officers;

• An audit committee investigation;

• The delisting of the company's common stock from the Nasdaq Stock Market; and

• Terminations of and resignations by officers and directors.

Based in Dallas, Home Solutions provides recovery, restoration and rebuilding services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.