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By Kyle Brasseur2021-04-30T19:27:00+01:00
The Securities and Exchange Commission (SEC) on Thursday announced settlements with eight companies for incomplete reporting related to “not timely” form disclosures.
Form NT (or Form 12b-25) is required when a company seeks additional time to meet its quarterly or annual financial reporting obligations. In filing Form NT, a company must explain why it needs the extra time, in addition to whether the delay is the result of anticipated changes in financial results.
In Thursday’s press release, the SEC said each of the eight companies announced restatements or corrections to financial reporting within two weeks of filing Forms NT that proved insufficient. The forms didn’t disclose the anticipated restatements or corrections as reasons for the late filings, nor did they indicate management at the firms anticipated a significant change in quarterly financials.