Trading suspension continues

Monday, Nov. 1, 1999 | 11:10 a.m.

Trading in the shares of Las Vegas Entertainment Network Inc. remained halted today pending further investigation by the National Association of Securities Dealers.

The NASD and the Securities & Exchange Commission both halted trading of Los Angeles-based LVEN stock Oct. 18, citing questions "about the adequacy and accuracy" of company news releases.

The initial trading halts were due to expire at midnight last Friday, but the NASD extended it today and changed the stock's status to "additional information requested from the company."

NASD said trading "will remain halted until Las Vegas Entertainment Network has fully satisfied NASDAQ's request for further information." The exchange is looking at LVEN's press releases, finances and its purported offer to buy Jackpot Enterprises Inc. of Las Vegas.

LVEN withdrew its offer -- which sparked a rapid runup and equally quick drop in the price of its stock -- after questions arose about how it could finance any acquisition.

The company has lost nearly $50 million since its formation, has minimal cash and no revenues and made the unusual claim that it had sold a total 15 million shares of stock to a Las Vegan for $495 million -- about $31 a share -- when the trading price was hovering between $1 and $2 a share.