Quantum Settles Legacy SEC Investigation
Settlement includes cease and desist order and payment of $1 million as civil penalty.
This is a Press Release edited by StorageNewsletter.com on December 25, 2019 at 2:23 pmQuantum Corporation announced that the company and the SEC have settled a cease-and-desist proceeding arising out of the SEC’s investigation of the matters disclosed in the company’s current reports on form 8-K filed on February 8, 2018, September 14, 2018 and August 6, 2019.
The matters concern the company’s historic accounting practices, internal controls and a restatement related to revenue recognition for transactions between the 4FQ15 and 2FQ18.
The settlement includes a cease and desist order and payment of $1.0 million as a civil penalty; the order may be viewed on the SEC’s website.
“With this settlement now behind us we can move on from legacy issues and focus our full attention on growing our business to create sustainable value for our customers and shareholders,” said Jamie Lerner, chairman and CEO. “The civil penalty was fully accrued in our financial results, and we are actively advancing our long-term strategy and working expeditiously to re-list on a national exchange.“
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