Is the SEC compelling delinquent reporting companies to file sooner than before?
Occasionally the SEC goes to court to compel reporting companies to actually report. When I surveyed the SEC enforcement site earlier this year, I could not find any companies who were brought to court to compel reporting in less than about 11 months after the end of the last overdue reporting period (see the end of #reply-4589335 ). However, here's one where SEC went to court only about 8.5 months after the end of the earliest overdue reporting period. Note that at least superficially, the company in question was no more overdue than AZNT is now. However, in the case of Safetech there were some special circumstances in terms of their general timeliness - note that there were 9 form NT's that were not filed even though only three reports are currently overdue - the reason for this quirk can be found by noting that Safetech's (aka Bernstein Leibstone Associates) last report was filed April 6, 1998 for the quarter ending Sept. 30, 1997:
sec.gov
SECURITIES AND EXCHANGE COMMISSION SEEKS TO COMPEL SAFETECH INDUSTRIES, INC. TO FILE DELINQUENT PERIODIC REPORTS
On September 18, the Commission filed a complaint in the United States District Court for the District of Columbia against Safetech Industries, Inc. (Safetech Industries). The complaint alleges that Safetech Industries, a company that
manufactures and markets hurricane protection products and whose securities are quoted in the pink sheets, failed to make available to the investing public current and accurate information about its financial condition and results of
operation through the filing of periodic reports with the Commission as required by the Securities Exchange Act of 1934. Specifically, the complaint alleges that Safetech Industries has not filed its Annual Report on Form 10-K for the fiscal
year ended March 31, 1998, its Quarterly Reports on Form 10-Q for the fiscal quarters ended December 31, 1997 and June 30, 1998 and nine Notifications of Late Filing with respect to its delinquent reports. The Commission seeks to compel Safetech Industries to file its delinquent periodic reports and enjoin
Safetech Industries from further violations of Section 13(a) of the Exchange Act of 1934 and Rules 12b-25, 13a-1 and 13a-13 thereunder. [SEC v. Safetech Industries, Inc., Civil No. 1:98CV02226, D.D.C., September 18, 1998] (LR-15887)
sec.gov
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