Jammin Java Corp. (OTC Pink: JAMN) is engaged as a consumer coffee company, which operates the Marley Coffee brand. Shares of the coffee company are jumping 57.14% on Monday, April 17, 2017. Over the past month, Jammin Java Corp. has seen average daily volume of 6.91 million shares. However, volume of 34.46 million shares or dollar volume of $75,812, has already exchange hands on Monday.
Shares of Jammin Java Corp. are climbing today, after the company announced that Shane G. Whittle and other company executives have reached a voluntary settlement with the SEC. The settlement is in regards to involvement in an alleged pump-and-dump scheme that involved the stock back in 2011. Without admitting wrongdoing, a final judgment has been issued. Under the terms of the settlement, Mr. Whittle has accepted a ten-year ban on U.S. penny stock offering and a ban on being a director or officer at a public company. In addition, Mr. Whittle has agreed to pay a $250,000 fine and repayment of over $1.8 million. Here is the full press release detailing of the settlement and final judgment:
Jammin Java Corp. Press Release:
LOS ANGELES , April 17, 2017 /CNW/ — Shane G. Whittle , one of several individuals and international companies implicated in a 2015 SEC civil complaint [SEC v. Jammin’ Java Corp, et al, Case No. 2:15-cv-8921-SVW ( C.D. Cal . 2015)] alleging a pump-and-dump scheme that occurred in 2011 involving the stock of Jammin’ Java Corp. (JAMN), reached a voluntary settlement with the SEC without any admission of wrongdoing. The United States district court entered a final judgment on the matter for Mr. Whittle on April 11, 2017 .
“I am delighted to bring closure to this challenging chapter,” said Mr. Whittle. “My experience co-founding the global brand Marley Coffee – a gourmet organic coffee producer – with Rohan Marley , the son of late reggae singer Bob Marley , was a remarkable and instrumental learning part of my life. Marley Coffee licensed its brand worldwide, including to Jammin’ Java. I gained extensive knowledge and experience as we brought a commodity product from Jamaica , Ethiopia and the Americas to the mainstream retail space for consumers to enjoy with every sip. With my vision of taking on international markets in one of the most competitive industries on the planet, there was no stopping our challenging endeavor. From 2011-2015, Jammin’ Java expanded operations, growing revenues to $14 million in 2015 with almost 15,000 retailers in North America selling Marley Coffee related products.”
Mr. Whittle stated: “Among the lessons I learned was that when building something on passion and big vision, entrepreneurs must properly vet professionals and work with a skilled management team to ensure that all laws and regulations are vigorously complied with. That is crucial for all entrepreneurs to build a sustainable and successful business: a lesson I have certainly learned through this experience and have implemented in all my current business undertakings.”
Nathan Hochman , Mr. Whittle’s United States counsel and deputy chair of Morgan Lewis ‘ White Collar Litigation and Government Investigations practice, commented: “Without admitting any wrongdoing, Mr. Whittle voluntarily accepted a ban for ten years in U.S. penny stock offerings as well as a ban on being a director or officer in a publicly traded company in the USA. Mr. Whittle has indicated that he has no interest in holding such positions nor in dealing with penny stocks within the United States. As part of the agreement resolving the case with the SEC, Mr. Whittle agreed voluntarily to pay a $250,000 fine plus repayment of over $1.8 million (and interest) representing funds Jammin Java, not Mr. Whittle, received. The U.S. District Court accepted the parties’ consent agreement and entered Final Judgment consistent with that agreement.”