Tag Archives: sec

China – SEC Charges 18 Traders for Stock Manipulation

According to the SEC’s complaint, the traders used multiple accounts to place several small sell orders to drive down a stock’s price before using a different set of accounts to buy larger amounts of the stock at the artificially low prices. After amassing their position, the traders placed several small buy orders to push up prices so they could then sell their stock at artificially high prices. Continue reading

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FCA US Q3 Sales Flat at 565,000

FCA touted three sales records for the third quarter as buyer bought or leased premium technology and interior upgrades on heavy-duty trucks. Continue reading

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Fiat Chrysler Cops Plea on Fraudulently Reporting Sales

According to the SEC’s order, between 2012 and 2016, FCA US issued monthly press releases falsely reporting new vehicle sales and falsely touting a “streak” of uninterrupted monthly year-over-year sales growth. However, the growth streak had been broken in September 2013.  Continue reading

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SEC Charges Engine Manufacturing Company Execs with Fraud

According to the complaint, filed in federal court in Chicago, Gary Winemaster, Power Solutions International Inc.’s former CEO, and two former senior sales executives, Craig Davis and James Needham, caused Power Solutions to fraudulently record revenue for purported sales of products that were not complete, that the customer had not agreed to accept, for which the price was falsely inflated, and from improper “bill and hold” arrangements. Continue reading

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Carvana Ups Size, Price of Common Offering. Results Unknown

The offering is subject to customary closing conditions. Wells Fargo Securities, Citigroup and Deutsche Bank Securities acted as book-running managers for the proposed offering. Continue reading

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Speedway Motorsports Ownership Scuffle Underway

Whether this is simply a legal ploy that allows the Smith family to take over the Speedway at a bargain price by demonstrating due diligence, or just exhaust noise designed to talk the stock up remains to be seen. Continue reading

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Damning SEC Charges on Volkswagen ‘Clean Diesel’ Fraud

2. Winterkorn and other VW executives were made aware of the defeat device as early as November 2007, during a meeting with VW engineers, to discuss the emissions problems with VW’s “clean diesel” vehicles. Continue reading

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Corporate Raiders After Ford Motor Stock at Deep Discount

Baker Mills’ offer price of $7.00 per share in cash is approximately ~17.84% lower than the $8.52 closing price of Ford common stock on Dec. 14, 2018, the last closing price prior to commencement of the offer. The markets are closed today. Continue reading

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Greenlight or Red Light – GM Proxy Fight Coming?

In the filing, Greenlight – a $10 billion investment firm – said in essence that GM lied when it asserted that a credit downgrade was possible if the stock were split into two classes. Greenlight also said it repeats its request that GM has denied on numerous occasions to consent for Greenlight to speak directly to the rating agencies about the Plan so that it can be accurately evaluated by a formal rating committee. Continue reading

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SEC Charges GM with GAAP Violations on Ignition Switches

The Securities and Exchange Commission today charged General Motors (NYSE: GM) with GAAP  violations and GM  has agreed to pay a $1 million penalty over deadly ignition swiches. This deal settles charges that deficient internal accounting controls prevented the GM … Continue reading

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ExxonMobil Under Scrutiny for Its Climate Change Propaganda

In a disturbing development with broad First Amendment implications, ExxonMobil is lashing out against the Union of Concerned Scientists (UCS) and others – in the words of UCS, “who feel they are holding them accountable for their decades of deception.” Continue reading

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GM Files $750 Million Q1 Earnings Charge with SEC

The three-quarters of a billion dollar expense to stockholders includes yesterday’s safety recall of electric power steering assist affecting approximately 1.3 million vehicles and other safety recalls announced in the three months ending 31 March 2014. Continue reading

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JPMorgan Chase Employees Charged With Financial Fraud

“Our financial system has been hurt in recent years not just by risky bets gone bad, but also, in some cases, by criminal wrongdoing,” opined Attorney General Holder. Critics maintain Holder has done little to prosecute financial fraud at the ratings agencies and on Wall Street that led to the collapse of the U.S. economy, cut American wealth in half, and created the highest rates of unemployment since the Great Depression that is still hurting the American middle class. Continue reading

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Taxpayers to Recoup $1.3 Billion on Latest GM Stock Sale

U.S. Treasury today said that the 30 million shares of GM common stock it is selling at $34.41 per share is expected to total a $1.03 billion recovery for U.S. taxpayers. Continue reading

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Mullen, Ex Chairman of Joint Chiefs of Staff, Joins GM Board

General Motors announced the election of retired Admiral Michael Mullen to a lucrative position on the GM board of directors effective immediately. Mullen served as the 17th Chairman of the Joint Chiefs of Staff from 2007 to 2011. He was the principal military adviser to President George W. Bush and President Barack Obama, as well as two Secretaries of Defense. Continue reading

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