Del Global Technologies of Valhalla, NY, said it has reached an agreement in principle to settle claims regarding an investigation begun in December 2000 by the Securities and Exchange Commission in connection with financial statements filed by the company’s former management team.
Del also said it has filed a Form 12b-25 with the SEC to obtain an automatic 15-day extension to file its Form 10-K for fiscal 2002, which was due to be filed November 1. Del said this action was taken to allow management adequate time to finalize its disclosures.
The proposed settlement will include a financial penalty and an injunction against future violations of the antifraud, periodic reporting, books and records, and internal accounting-control provisions of U.S. securities laws.
The SEC began investigating Del after a shareholder lawsuit was filed accusing the company of accounting irregularities. The lawsuit was settled in February 2002.
By AuntMinnie.com staff writersNovember 6, 2002
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Del reports 2001 net loss, predicts another loss in 2002, April 2, 2002
Del gets OK to settle class-action suit, February 5, 2002
Del Global comeback hits snag with CEO resignation, SEC order, February 28, 2001
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