SEC Enforcement Initiative to Root Out Repeated Late Filers of Ownership Forms Due Under Sections 13 and 16 — Reminder to Ensure Internal Controls Are Adequate

September 12, 2014

On September 10, the U.S. Securities and Exchange Commission (“SEC”) announced charges against 28 officers, directors and major shareholders for violating Sections 13 and 16 of the Securities Exchange Act of 1934 (the “Exchange Act”). The SEC also brought charges against six publicly-traded companies. All of the charges were in connection with delinquent filings or the failure to report delinquent filings. Prior to these charges, the SEC has not brought charges for similar violations even though delinquent filings are commonplace.

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