SUNNYVALE, Calif., Nov. 26, 2012 /PRNewswire/ -- Amarantus BioSciences, Inc. (OTCQB: AMBS), a biotechnology company developing new treatments and diagnostics for Parkinson's disease and Traumatic Brain Injury centred on its proprietary anti-apoptosis therapeutic protein MANF, announced today, with the assistance of its Manhattan-based corporate counsel at JS Barkats, PLLC, it has initiated legal action to effect the expeditious cessation of trading and delisting of Amarantus common stock from the Berlin-Bremen Stock Exchange (the "BBSE"), and/or any other unofficially regulated markets controlled by the BBSE.
The BBSE is one of the few exchanges in the world that allows listing and trading to occur without the consent of the listed company. There is significant precedent under similar circumstances whereby many companies have been able to cease trading in their common stock on the BBSE. The Company recently became aware that its common stock was listed on the BBSE without the Company's prior knowledge, consent or authorization. The Company did not authorize or direct any BBSE broker to act as a market maker for the Company's common stock.
"Unfortunately, the Berlin Stock Exchange allows any broker or shareholder to list a security; there is no need for company approval. Hence, the activity surrounding such listings is suspect and may be having a negative impact on trading activity on the Company's United States listing," said Sunny J. Barkats, Founding partner of JS Barkats.
The Company believes that it is in the best interests of its shareholders to ensure that any listing of the Company's common stock, whether in the US or on a foreign exchange, is sanctioned by the Company so that management is in a position to ensure regulatory compliance regarding regular trading and other trading-related activities with all United States securities laws. Cessatio
|SOURCE Amarantus BioSciences, Inc.|
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