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SEC Charges Eight Companies and Signals Need for Better Disclosures About Delayed Filings

By Nick Grabar, David Lopez, Matthew C. Solomon, Alexander Janghorbani & Fernando A. Martinez on May 7, 2021
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On April 29, 2021, the Securities and Exchange Commission (the “SEC”) announced settled charges against eight public companies that filed notifications of late filings on Form 12b-25 (more commonly known as “Form NT”) without disclosing in those filings a pending restatement or correction of financial statements.

These settlements are a reminder that filing a Form NT is not only a necessary procedural step when an issuer will be delayed in filing a 10-K, 10-Q, 20-F or other specified report; it is also a decision point for making potentially sensitive disclosure to the market, and should reflect input from both a company’s IR and legal departments.

Please click here to read the full alert memorandum.

  • Posted in:
    Corporate & Commercial
  • Blog:
    Cleary M&A and Corporate Governance Watch
  • Organization:
    Cleary Gottlieb Steen & Hamilton LLP
  • Article: View Original Source

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