While we all understand that registered individuals rely on their firms to update their required filings, so do corporate officers and shareholders. The problem is that the individuals are still personally responsible for the updates - and for failing to update.
A reminder from the SEC, as it has charged eight officers, directors, or major shareholders for failing to update their stock ownership disclosures to reflect material changes, including steps to take the companies private.
Each of the respondents, without admitting or denying the SEC’s allegations, agreed to settle the proceedings by paying a financial penalty.
More details are available at SEC.gov | Corporate Insiders Charged for Failing to Update Disclosures Involving “Going Private” Transactions.
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The attorneys at Sallah Astarita & Cox include veteran securities litigators, and former SEC and criminal prosecutors. For more information about the firm, and possible representation, email the firm or call 212-509-6544.
