SEC Announces Enforcement Initiative Directed at Insider Reporting Violations

On September 10, the SEC announced that it had charged 28 public company insiders with alleged violations of the insider reporting requirements of Section 16(a), 13(d) or 13(g) of the Exchange Act and six public companies for contributing to filing failures or not disclosing their insiders’ filing delinquencies as required under Item 405 of the SEC’s Regulation S-K. With the exception of one individual who is contesting the charges, all of the respondents settled the charges by consenting to orders that they cease and desist from future violations and pay monetary penalties. A copy of the SEC’s announcement can be found here.

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