FOR IMMEDIATE RELEASE Washington D.C., March 5, 2021
The Securities and Exchange Commission today charged AT&T, Inc. with repeatedly violating Regulation FD, and three of its Investor Relations executives with aiding and abetting AT&T s violations, by selectively disclosing material nonpublic information to research analysts.
According to the SEC s complaint, AT&T learned in March 2016 that a steeper-than-expected decline in its first quarter smartphone sales would cause AT&T s revenue to fall short of analysts estimates for the quarter. The complaint alleges that to avoid falling short of the consensus revenue estimate for the third consecutive quarter, AT&T Investor Relations executives Christopher Womack, Michael Black, and Kent Evans made private, one-on-one phone calls to analysts at approximately 20 separate firms. On these calls, the AT&T executives allegedly disclosed AT&T s internal smartphone sales data and the impact of that data on internal r
News Wire Feed Light Reading 3/5/2021
WASHINGTON, DC The Securities and Exchange Commission today charged AT&T with repeatedly violating Regulation FD, and three of its Investor Relations executives with aiding and abetting AT&T s violations, by selectively disclosing material nonpublic information to research analysts.
According to the SEC s complaint, AT&T learned in March 2016 that a steeper-than-expected decline in its first quarter smartphone sales would cause AT&T s revenue to fall short of analysts estimates for the quarter. The complaint alleges that to avoid falling short of the consensus revenue estimate for the third consecutive quarter, AT&T Investor Relations executives Christopher Womack, Michael Black, and Kent Evans made private, one-on-one phone calls to analysts at approximately 20 separate firms. On these calls, the AT&T executives allegedly disclosed AT&T s internal smartphone sales data and the impact o
FOR IMMEDIATE RELEASE Washington D.C., Feb. 24, 2021
The Securities and Exchange Commission today announced settled charges against an Oklahoma-based gas exploration and production company, Gulfport Energy Corporation, and its former CEO, Michael G. Moore, for failing to properly disclose as compensation certain perks provided to Moore, as well as failing to disclose certain related person transactions.
The SEC s separate orders against Gulfport and Moore find that, from 2014 to 2018, Gulfport failed to disclose approximately $650,000 in executive compensation in the form of perquisites received by Moore, and also failed to disclose certain related person transactions involving Moore. According to the orders, the undisclosed perquisites included the cost of Moore’s use of Gulfport s chartered aircraft for certain travel. The undisclosed perquisites also included costs associated with Moore s use of a Gulfport corporate credit card for personal expenses that
The U.S. Securities and Exchange Commission announced Friday that Kelly L. Gibson will serve as acting deputy director of the Division of Enforcement, moving into the role from her current position of director of the Philadelphia Regional Office.
SEC Charges Former Executives Of San Francisco Bay Area Company With Accounting Violations Date
02/02/2021
The Securities and Exchange Commission today charged Joseph Jackson and Colm Callan, respectively the former CEO and CFO of WageWorks Inc. with making false and misleading statements and omissions, including to the company’s auditors, that resulted in the company’s improper recognition of revenue related to a contract with a large public-sector client. The settlements with both individuals include reimbursement of certain incentive-based compensation from the period during which the misconduct took place.
According to the SEC s order, in March 2016, WageWorks, a provider of Flexible Spending Account services, signed a contract with a large client to process benefits claims for certain public-sector employees. The order finds that on multiple occasions after the contract was signed, the client s employees told WageWorks that it did not intend to pay for certain de