By Adrianne Appel2022-09-07T22:23:00
Perceptive Advisors agreed to pay $1.5 million for allegedly steering clients toward special purpose acquisition companies (SPACs) its investment advisers had financial interests in and failing to disclose those conflicts in a timely fashion.
Perceptive agreed to be censured and cease and desist from future violations of investment and securities laws, the Securities and Exchange Commission (SEC) announced Tuesday. The firm neither admitted nor denied the agency’s findings.
In 2020, Perceptive created several SPACs incorporated in the Cayman Islands whose sponsor ownership and management linked back to certain Perceptive employees and a life sciences fund owned by the firm, the SEC detailed in its order. The company repeatedly invested the assets of the life sciences fund in transactions involving the SPACs.
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African Gold Acquisition Corp. will pay a $103,591 fine for allegedly having flawed internal controls, reporting, and recordkeeping procedures that allowed its former chief financial officer to drain approximately $1.2 million from its bank account.
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Special purpose acquisition company transactions have unique risks and require awareness of what it takes to operate as a public business. Internal controls, governance, technology, and more are essential.
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Emerging technologies, like artificial intelligence (AI) and advanced data analytics, can improve audit quality in significant ways. As the regulatory overseer of public-company audits, the Public Company Accounting Oversight Board (PCAOB) has a critical role to play by ensuring that its audit standards evolve as the audit profession evolves.
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Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
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A single $33,000 shipment to Iran triggered a six-figure penalty and years of compliance oversight for biotechnology company LuminUltra Technologies, Inc.
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