Opko Health announces proposed resolution of SEC action
- In a settlement, subject to court approval, OPKO Health and OPKO's CEO and Chairman, Dr. Phillip Frost, have agreed with the Securities and Exchange Commission to resolve the action brought against them in the litigation SEC v. Honig et al.
- Without admitting or denying the SEC's allegations, OPKO agreed to an injunction from certain violations of the Securities Exchange Act of 1934; a $100,000 penalty; and will perform certain undertakings related to the Exchange Act. Dr. Frost agreed, without admitting or denying the SEC's allegations, to injunctions from certain violations of the Securities Act of 1933 and the Exchange Act; approx. $5.5 mln in penalty, disgorgement, and prejudgment interest; and a prohibition, with certain exceptions, from trading in penny stocks.
- Dr. Frost will continue to serve as CEO and Chairman.
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