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  • elk_1l elk_1l May 7, 2014 6:09 PM Flag

    It looks like ACT is clear of the GR27 fiasco

    From actc_fan on Google ACT Forum:

    It looks like ACT is clear of the GR27 fiasco after paying a fine of $375k. Not sure why this fine was not an 8K? I assume Rabin is still under investigation.

    From ACT 2014 10K:
    Fines and penalties for the year ended December 31, 2013 were $962,227. Approximately $587,000 of the balance was due to us being named as a defendant in a civil action brought by the SEC, alleging that we violated the Securities Act because certain sales of shares to outside organizations completed in 2008 and 2009 were neither registered under the Securities act nor subject to an exemption from registration. This amount was in addition to the $3,500,000 we expensed in 2012. The SEC civil suit was settled in December 2013, for approximately $4,087,000, which includes the $3,500,000 and approximately $587,000 of pre-judgment interest. The remaining balance in 2013 of approximately $375,000 relates to an SEC investigation of our previous CEO’s failure to report transactions for shares of common stock sold between February 7, 2011 and January 10, 2013. The amount charged is based on discussions with SEC in resolving the issue from a Company perspective.

    Sentiment: Strong Buy

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6.98+0.18(+2.65%)Nov 13 12:19 PMEST

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