GTT Communications spared fine in SEC disclosure failure case

GTT Communications, a provider of telecommunications and internet services, avoided a civil penalty in reaching a settlement with the Securities and Exchange Commission (SEC) addressing alleged disclosure failures over more than a two-year period.

GTT agreed to cease and desist from further violations in reaching settlement, the SEC announced in a press release Monday. The Virginia-based company failed to disclose material information about unsupported adjustments in SEC filings that increased reported operating income by at least 15 percent in three quarters from 2019-20, the agency alleged.

The SEC acknowledged GTT’s prompt self-reporting, extensive remediation, and substantial cooperation in not issuing a fine.