View Author September 2014
On September 10, 2014, the Securities and Exchange Commission (SEC) announced charges against 28 officers, directors and major shareholders of publicly-traded companies regarding the failure to timely report information concerning transactions and holdings in those companies’ shares. The SEC also charged six publicly-traded companies for failing to report their insiders’ filing delinquencies or for contributing to the filing failures by insiders. Although these actions are consistent with statements made by the SEC during the past 12 months, they do represent increased scrutiny in an area in which the SEC had not been active in the past several years. As a result, the charges are likely to be considered surprising by many.