During the relevant period, Sanfellipo was also president of FranchiseWorks, a franchise development company incorporated in California. Plus, a Nevada corporation with principal offices located in Plainview, New York, was, during the relevant period, engaged in the business of selling franchises for the operation of stores specializing in parcel packaging and shipping. Sanfellipo also provided a materially false and misleading audit confirmation to Packaging Plus's accountant, in connection with the accountant's audit of the 1990 Financial Statements. Information is material if there is a substantial likelihood that its disclosure would be viewed by a reasonable investor as having significantly altered the total mix of information available.
Information concerning the financial condition of a company is presumptively material.
In re Ames Dept. By the Commission. Jill Peterson, Esq. Ghillaine A. Reid, Esq.