In a settled enforcement action, the SEC charged VMware, Inc., with omission of material information in its disclosures concerning its order “backlog” and revenue management, in quarterly and annual Exchange Act reports, on earnings calls, and in earnings releases, during its 2019 and 2020 fiscal years. According to the SEC, this information was necessary
Developments in Securities Regulation, Corporate Governance, Capital Markets, M&A and Other Topics of Interest. MORE
Enforcement Action
SEC Fires Another Warning Shot on Confidentiality Agreements that Violate Whistleblower Provisions
By Steve Quinlivan on
The SEC brought an enforcement action against The Brink’s Company for using confidentiality agreements that the SEC alleged violated Exchange Act Rule 21F-17. That rule prohibits any person from taking any action to impede an individual from communicating directly with the Commission, including by “enforcing, or threatening to enforce, a confidentiality agreement….” The SEC has…
SEC Charges Brazilian Mining Company with Misleading Investors about Safety Prior to Deadly Dam Collapse
By Steve Quinlivan on
The SEC charged Vale S.A., a publicly traded Brazilian mining company and one of the world’s largest iron ore producers, with making false and misleading claims about the safety of its dams prior to the January 2019 collapse of its Brumadinho dam.
According to the SEC complaint, Vale:
- improperly obtained stability declarations for the dam
…
SEC Charges Company for Failing to Evaluate and Disclose Board Member’s Lack of Independence
By Steve Quinlivan on
SEC Charges Eight Companies for Failure to Disclose Complete Information on Form NT
By Steve Quinlivan on
SEC Charges Ex-CEO with Aiding and Abetting Company’s Financial Reporting and Disclosure Violations
By Steve Quinlivan on
Rushed Earnings Release Results in SEC Enforcement Action
By Steve Quinlivan on
Enforcement Action Reveals Misleading Customer Counts
By Steve Quinlivan on
SEC Brings Enforcement Action for Loss Contingency Disclosure
By Steve Quinlivan on
SEC Sanctions Issuer for Misrepresentations Regarding Loan Covenant Compliance
By Steve Quinlivan on