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SEC Disclosure Crackdown Turns to Beneficial Ownership Reports

Joe Mont | March 16, 2015

With another enforcement sweep made possible by its ongoing data dive into corporate filings, the Securities and Exchange Commission has reached settlements with several officers, directors, and major shareholders in companies for failing to update their stock ownership disclosures to reflect material channges, including steps to take those companies private. 

The charges relate to the failure to file Schedule 13D, commonly referred to as a “beneficial ownership report,” in a timely and accurate fashion. When a person or group acquires beneficial ownership of more than 5 percent of a voting class of a company’s equity securities they are required to file a Schedule 13D with the SEC. It reports the acquisition within ten days after the purchase and any material changes to that filing require a prompt amendment.

On Friday, the SEC announced settlements...

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