Blog Posts Tagged With Corporate and Other Issuers

Subscribe to Corporate and Other Issuers RSS Feed

In re Deutsche Bank AG (A.P. Aug. 22, 2019, Settled)

Action against Respondent, a financial services corporation, for alleged violations of the books and records and internal accounting controls provisions of the FCPA.  According to the SEC, Respondent provided employment to the relatives of foreign government officials to influence them to assist the bank in obtaining or retaining business or other benefits.  The SEC further alleges that Respondent did not enforce a hiring policy enacted to prevent such conduct, that its books and records did
Continue Reading

In re TherapeuticsMD, Inc. (A.P. Aug. 20, 2019, Settled)

Action against Respondent, a pharmaceutical company, in connection with alleged selective disclosures of material nonpublic information regarding a potential FDA drug approval to sell-side research analysts who covered Respondent.  According to the SEC, Respondent sent private messages to analysts describing an FDA meeting as “very positive and productive.”  Respondent has agreed to pay a civil penalty of $200,000.

SEC Order

SEC Press Release
Continue Reading

In re SimplyVital Health, Inc. (A.P. Aug. 12, 2019, Settled)

Action against Respondent, a blockchain company, for an alleged unregistered offering.  According to the SEC, Respondent conducted an initial coin offering, in which it offered cryptocurrency tokens to raise money for a healthcare-related blockchain venture, without registering with the SEC.  The SEC declined to impose a civil penalty based on Respondent’s remedial measures, including returning substantially all of the funds it had raised.

SEC Administrative Summary

SEC Order
Continue Reading

In re Corix Bioscience, Inc. and Michael L. Ogburn (A.P. Aug. 9, 2019, Settled)

Action against Respondents, a publicly traded cannabidiol company and its former executive, for alleged misrepresentations.  According to the SEC, Respondents falsely claimed that Respondent company was able to grow hemp on Native American tribal land, had research relationships with well-known institutions, had obtained government approval to produce hemp, and had harvested hemp for sale.  Respondent former executive has agreed to pay a civil penalty of $200,000 and to officer-and-director and penny-stock bars.  Both Respondents have
Continue Reading

In re Sito Mobile, Ltd. (A.P. Aug. 5, 2019, Settled); SEC v. Gerard F. Hug and Kurt W. Streams (D.N.J. Aug. 2, 2019, Contested)

Action against Respondent, a mobile-data advertising company, and Defendants, two of Respondent’s former executives, for alleged financial misstatements and misappropriation, respectively.  According to the SEC, Defendants improperly used company funds to pay personal expenses.  The SEC alleges that these payments were not accurately recorded in Respondent’s books in records, causing Respondent to understate Defendants’ compensation.  The SEC has declined to impose a civil penalty on settling Respondent based on its cooperation.

SEC Order
Continue Reading

In re Brixmor Property Group, Inc. (A.P. Aug. 1, 2019, Settled); SEC v. Michael A. Carroll, et al. (S.D.N.Y. Aug. 1, 2019, Partially Settled and Partially Contested)

Actions against Respondent, a real estate investment trust, and Defendants, four of Respondent’s former executives, for alleged financial fraud.  According to the SEC, Respondent and Defendants manipulated a non-GAAP metric known as “same property net operating income” to give the false impression that Respondent had achieved its publicly issued growth targets.  Respondent has agreed to pay a civil penalty of $7 million, and two Defendants have agreed to the entry of partial judgments, with monetary
Continue Reading

LexBlog