SEC News
Official announcements and updates from the U.S. Securities and Exchange Commission.
Dada Nexus SEC Order: $80 Million Revenue Overstatement, Sham Marketing Transactions and Internal Control Failures
The SEC has settled charges against Dada Nexus Limited after finding that the Shanghai-based on-demand retail and delivery platform materially overstated net revenues and operating support costs through online advertising and marketing transactions that lacked apparent business substance. According to the Commission, the conduct occurred from October 2022 through September 2023 and resulted in approximately RMB 568 million, or about $80 million, of overstated net revenues and approximately RMB 576 million, or about $81 million, of overstated operations and support costs in unaudited results furnished to the SEC. Dada discovered the issue through a routine internal audit, conducted an independent review, disclosed the findings in 2024 and later settled with the SEC without admitting or denying the findings.
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Raymond Lawrence Lent SEC Fair Fund: Putney Financial Adviser Conflict Case Moves Into Tax Administration
The SEC has taken another step in the Raymond Lawrence Lent / The Putney Financial Group investor-compensation process by appointing a tax administrator for the Fair Fund created from Lent's 2024 settlement. The underlying case involved fiduciary-duty breaches by Putney, an unincorporated sole proprietorship of Lent, connected to third-party compensation received through an affiliated broker. The SEC found that from at least April 2016 through October 1, 2021, Putney recommended advisory-client investments that generated revenue sharing and sales commissions for the affiliated broker and for Lent as a registered representative, without fully and fairly disclosing the conflicts of interest. The September 2026 order is not a new fraud charge; it is part of the mechanics required to administer the investor-recovery fund.
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First Capital International SEC Proceeding: Houston Issuer Faces Registration Risk After 2023 Annual Report
The SEC has instituted an administrative proceeding against First Capital International, Inc. after the Houston-based issuer allegedly stopped filing required periodic reports. First Capital, SEC CIK No. 1072842, is a Delaware corporation with a class of securities registered under Exchange Act Section 12(g), but the Commission says the company has not filed any periodic report since its Form 10-K for the year ended December 31, 2023. The company's common stock is not publicly quoted or traded, according to the SEC. The case therefore highlights a specific investor-protection issue: an issuer can remain inside the federal registration system even when current market trading has disappeared and its disclosure record has stopped updating.
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Fomo Worldwide SEC Proceeding: Long EDGAR History, Bankruptcy Disclosures and a Filing Record Frozen Since 2024
The SEC has instituted an administrative proceeding against Fomo Worldwide, Inc. after the Wyoming-incorporated issuer allegedly stopped filing required periodic reports. Fomo Worldwide, SEC CIK No. 867028, has a long EDGAR history dating back to the 1990s, but the Commission says the company has not filed any periodic report since its Form 10-Q for the quarter ended March 31, 2024. The proceeding is notable because Fomo's filing record contains more than a simple late-reporting gap: recent EDGAR materials include bankruptcy or receivership disclosures, amended current reports and SEC-generated correspondence. For investors reviewing the company, the core issue is not merely whether an SEC record exists, but whether that record still provides a current picture of the issuer's financial condition, operating status and corporate identity.
Read more →Gresham Worldwide SEC Proceeding: Giga-tronics Name Change, Failed Merger and Chapter 11 Precede Filing Breakdown
The SEC has instituted an administrative proceeding against Gresham Worldwide, Inc., formerly known as Giga-tronics Incorporated, after the defense-electronics company stopped filing required periodic reports during a period of rapid corporate disruption. Gresham changed its name from Giga-tronics in March 2024, entered into a merger agreement with Ault Disruptive Technologies Corporation in June, and then filed for Chapter 11 bankruptcy protection in August 2024. The proposed merger was terminated almost immediately after the bankruptcy filing. According to the SEC, Gresham has filed no periodic report since its Form 10-Q for the quarter ended March 31, 2024, while unsolicited quotations for its common stock continue on OTC Link ATS under symbol GIGAQ. The September 2026 Section 12(j) proceeding therefore sits at the end of a broader sequence involving rebranding, financial distress, a failed transaction and bankruptcy.
Read more →SEC Opens Proceedings Over American Entertainment Group's Decades-Long Filing Gap
The SEC has instituted administrative proceedings against American Entertainment Group, Inc., alleging it has not filed periodic reports since a Form 10-QSB for the quarter ended September 30, 1997. The order also states that the company's common stock is not publicly quoted or traded. The case will determine whether the allegations are true and whether the securities registration should be suspended or revoked.
Read more →BrewBilt Manufacturing Faces SEC Action Over Reports Missing Since 2023
The SEC has instituted administrative proceedings against BrewBilt Manufacturing Inc., alleging that it has not filed periodic reports since its Form 10-Q for the quarter ended September 30, 2023. The case will determine whether the allegations are true and whether the company's securities registration should be suspended or revoked.
Read more →NextPlay Technologies Faces SEC Proceedings Over Reports Missing Since 2022
The SEC has instituted administrative proceedings against NextPlay Technologies Inc., alleging that it has not filed periodic reports since its Form 10-Q for the period ended November 30, 2022. The agency will consider whether the allegations are true and whether the company's securities registration should be suspended or revoked.
Read more →NewAge Faces SEC Proceedings After Five-Year Gap in Periodic Reporting
The SEC has instituted administrative proceedings against NewAge, Inc., alleging the company failed to file periodic reports after its Form 10-Q for the quarter ended September 30, 2021. The order says NewAge's common stock is not publicly quoted or traded and puts the company's securities registration at risk of suspension or revocation.
Read more →Coretec Group Faces SEC Proceedings Over Missing Reports Since 2024
The SEC has instituted administrative proceedings against Coretec Group Inc., alleging that it has not filed periodic reports since its Form 10-Q for the quarter ended June 30, 2024. The agency will determine whether the allegations are true and whether to suspend or revoke the registration of the company's securities.
Read more →SEC Opens Section 12(j) Case Over CuraScientific's Unfiled Reports
The SEC has instituted administrative proceedings against CuraScientific Corp., alleging it has not filed periodic reports since its Form 10-Q for the quarter ended September 30, 2023. The agency will consider whether the reporting allegations are true and whether to suspend or revoke the registration of the company's securities.
Read more →SEC Opens Proceedings Over China Health Industries' Delinquent Filings
The SEC has instituted administrative proceedings against China Health Industries Holdings, Inc., alleging it failed to file required periodic reports after its Form 10-Q for the quarter ended March 31, 2024. The proceeding will determine whether the allegations are true and whether the company's securities registration should be suspended or revoked.
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