late SEC filings

Late SEC Filings Cost Google’s Alphabet, Goldman Sachs and 13 Others $3.8 Million in Penalties

Tech giants Goldman Sachs, Alphabet and 13 others have been fined a collective $3.8 Million.

In an announcement, the US Securities and Exchange Commission (the SEC) declared that these firms have agreed to pay the fine due to late filings.

The SEC levied fines against Wall Street firms like Goldman Sachs, Bank of Nova Scotia, and a unit of Bain Capital. Along with this owners of Google have also been issued for failing to disclose information to investors in a timely manner.

Now, the SEC requires executives and companies to publicize beneficial ownership changes and insiders' stock sales. And the SEC has directed them to do it within specific timeframes.

This decision by the SEC is aimed at transparency and fairness in the market. However, the affected companies and individuals allegedly failed to meet these deadlines.

The penalties for these companies are listed below.

  • Alphabet Inc.: $750,000
  • ⁠Goldman Sachs Group, Inc.: $300,000
  • ⁠Bank of Nova Scotia: $375,000
  • ⁠Bain Capital Credit Member, LLC: $130,000
  • Sunbeam Management, LLC: $40,000

TALANTA Investment Group, LLC: $45,000

  • Grays Peak Ventures LLC: $65,000
  • Stilwell Value LLC: $75,000
  • BSC, LP: $75,000
  • FIG LLC (Fortress Investment Group): $200,000
  • Adage Capital Management, L.P.: $200,000
  • Essex Woodlands Management, Inc.: $225,000
  • Oaktree Capital Management, L.P.: $375,000
  • Legacy Housing Corporation: $200,000
  • Celsius Holdings, Inc.: $200,000

The ten firms amidst this have so far agreed to pay the dues. However, none of the companies have admitted or denied the SEC charges.

However, they agreed to pay civil penalties and cease and desist from further violations. This settlement marks a conclusion to the SEC's investigation into these companies' late filings.

The SEC findings and actions are intended to maintain market integrity and ensure compliance with regulatory requirements.

This settlement serves as a reminder to companies and individuals to prioritize timely disclosures and adhere to SEC regulations.

The US Securities and Exchange Commission (SEC) has charged Alphabet (Google's parent company), Goldman Sachs, and 13 other firms with late filings, resulting in combined penalties of $3.8 million.