Content about U.S. Securities and Exchange Commission

April 22, 2013
Former Office Depot COO charged with insider trading
A Monday report by Forbes said that former Office Depot COO Mark Begelman has been charged with profiting off confidential information.

New York -- A Monday report by Forbes said that former Office Depot COO Mark Begelman has been charged with profiting off confidential information.

The SEC leveed insider trading charges against Begelman for allegedly using confidential information for his own gain, concerning the upcoming acquisition of Bluegreen Corp. by BFC Financial Corp.

April 10, 2013
J.C. Penney’s Ullman resigns from Saks board

In not-so-unexpected news, a regulatory filing with the SEC revealed that J.C. Penney’s new CEO Mike Ullman has resigned from Saks Inc.’s board of directors.

New York -- In not-so-unexpected news, a regulatory filing with the SEC on Wednesday revealed that J.C. Penney’s new CEO Mike Ullman has resigned from Saks Inc.’s board of directors, effective Monday.

Saks has not yet named a replacement for Ullman.

April 2, 2013
SEC: Companies can use social media to put out information

The Securities and Exchange Commission said that companies can social media platforms such as Twitter and Facebook to make significant announcements as long as they alert investors about which sites they plan to use for the disclosures.

New York -- The Securities and Exchange Commission on Tuesday said that companies can social media platforms such as Twitter and Facebook to make significant announcements as long as they alert investors about which sites they plan to use for the disclosures.

April 1, 2013
Sears former CEO D’Ambrosio saw pay shrink almost 90% in 2012

An SEC filing revealed that Sears Holdings Corp. former CEO Louis D’Ambrosio, who stepped down in February citing family health issues, saw his total compensation package shrink nearly 90% from the prior year.

Hoffman Estates, Ill. -- An SEC filing on Thursday revealed that Sears Holdings Corp. former CEO Louis D’Ambrosio, who stepped down in February citing family health issues, saw his total compensation package shrink nearly 90% from the prior year.

According to the proxy statement filed with the Securities and Exchange Commission, Sears said D’Ambrosio's salary rose to $1 million in 2012 from $930,769 in 2011. However, the value of his perks, such as corporate housing and travel, shrank to $278,741 from $852,037 in 2011.
 

March 29, 2013
CVS Caremark chief’s compensation leapt 44% last year

An SEC filing revealed that the total compensation for CVS Caremark Corp. CEO Larry Merlo jumped 44% last year to $20.3 million.

New York -- An SEC filing on Friday revealed that the total compensation for CVS Caremark Corp. CEO Larry Merlo jumped 44% last year to $20.3 million.

Merlo’s base salary rose slightly but the major increases came from stock and option awards and nonequity incentive-plan compensation.

March 27, 2013
Wal-Mart: Loss from bribery probe likely

Wal-Mart Stores Inc. revealed in a Tuesday SEC filing that it will most likely incur a loss from bribery probes into its operations in Mexico and other countries.

Bentonville, Ark. -- Wal-Mart Stores Inc. revealed in a Tuesday SEC filing that it will most likely incur a loss from bribery probes into its operations in Mexico and other countries.

According to the filing, Wal-Mart said it expects to incur costs beyond the $157 million it spent on the probes in 2013, but didn’t elaborate on the amount or the size of the potential loss.

March 11, 2013
Barnes & Noble signs CEO to new employment pact

Barnes & Noble Inc. signed an employment agreement with CEO William Lynch to remain in his post for another two years, according to a filing with the U.S. Securities and Exchange Commission.

New York -- Barnes & Noble Inc. signed an employment agreement with CEO William Lynch to remain in his post for another two years, according to a filing with the U.S. Securities and Exchange Commission.

Lynch will receive the same compensation and benefits as before, but get an additional cash bonus of $1.8 million for his role in attracting investments from Microsoft Corp. and Pearson PLC in forming Nook Media LLC, according to a Reuters report.

November 26, 2012
Head of S.E.C. to step down

Mary L. Schapiro, the first woman to be permanent chairman of the U.S. Securities and Exchange Commission, announced she will step down on Dec. 14.

New York -- Mary L. Schapiro, the first woman to be permanent chairman of the U.S. Securities and Exchange Commission, announced she will step down on Dec. 14.

Schapiro was appointed head of the SEC by President Obama in 2008, one month after the Bernie Madoff scandal emerged, and she officially took office in 2009 at the peak of the financial crisis. Many experts say her four years were the toughest stretch any SEC chief has faced.

November 26, 2012
Head of S.E.C. to step down

Mary L. Schapiro, the first woman to be permanent chairman of the U.S. Securities and Exchange Commission, announced she will step down on Dec. 14.

New York -- Mary L. Schapiro, the first woman to be permanent chairman of the U.S. Securities and Exchange Commission, announced she will step down on Dec. 14.

Schapiro was appointed head of the SEC by President Obama in 2008, one month after the Bernie Madoff scandal emerged, and she officially took office in 2009 at the peak of the financial crisis. Many experts say her four years were the toughest stretch any SEC chief has faced.

September 21, 2012
CEO Compensation Trends

Executive compensation has always been a hot topic in corporate America — and the retail industry is no exception. These days, two trends are upping the attention paid to pay at the top: the ongoing move to performance-based equity, and the scrutiny compensation packages are receiving from increased SEC regulations and shareholder involvement.

June 1, 2012
Sears Holdings files for partial spin off of its interest in Sears Canada

Hoffman Estates, Ill. -- Sears Holdings announced that Sears Canada has filed a Registration Statement on Form 20-F with the U.S. SEC in connection with the company’s previously announced plan to spin-off a portion of its interest in Sears Canada.

June 1, 2012
Shareholders meet for Wal-Mart annual meeting

Wal-Mart Stores is expected to face scrutiny from shareholders at its annual meeting on Friday in the wake of allegations of bribery in Mexico.

New York -- Wal-Mart Stores is expected to face scrutiny from shareholders at its annual meeting on Friday in the wake of allegations of bribery  in Mexico.

The allegations are being investigated by the U.S. Department of Justice, the U.S. Securities and Exchange Commission and government agencies in Mexico. Wal-Mart is also conducting an internal probe.
 

March 30, 2012
Michaels Stores files IPO

Michaels Stores Friday confirmed that it is has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock.

New York -- Michaels Stores Friday confirmed that it is has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. According to the filing, the company proposed to raise $500 million in the IPO. The number of shares to be sold and the price range for the proposed offering have not yet been determined.

March 21, 2012
Securities fraud lawsuit against Best Buy dismissed

Best Buy Co. said that the U.S. District Court has dismissed putative securities fraud class actions against the retailer and three of its officers.

Minneapolis -- Best Buy Co. said Wednesday that the U.S. District Court has dismissed putative securities fraud class actions against the retailer and three of its officers.

With regard to the class action lawsuit filed last year, the court on Tuesday dismissed all counts for lack of substantiation.

November 30, 2011
Steadfast Capital names chief marketing officer

Steadfast Cos. said that Richard Gann has been hired as chief marketing officer for Steadfast Capital Markets Group, the company’s securities and financial services division.

Irvine, Calif. -- Steadfast Cos. said that Richard Gann has been hired as chief marketing officer for Steadfast Capital Markets Group, the company’s securities and financial services division.

In the newly created role, Gann will oversee strategic marketing functions to assist in the overall positioning and growth of the Steadfast Income REIT, the company’s $1.65 billion public, non-traded real estate investment trust, as well as future alternative investment programs.
 

November 8, 2011
Syms Corp. stock to be delisted

Syms Corp. said that its stock will be delisted as of November 15, 2011 and that Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the company’s securities from listing and registration on the Nasdaq.

Secaucus, N.J. -- Syms Corp. said that its stock will be delisted as of November 15, 2011 and that Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the company’s securities from listing and registration on the Nasdaq.

This decision by Nasdaq comes following Syms announcement on November 2, 2011 that it and its subsidiaries filed petitions for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
 

September 27, 2011
Ex-Carter’s exec charged with fraud

U.S. prosecutors have charged former Carter’s senior VP Joseph Elles with securities fraud, according to a report by the Associated Press.

Atlanta -- U.S. prosecutors have charged former Carter’s senior VP Joseph Elles with securities fraud, according to a report by the Associated Press.

Elles has been accused of lying about the company's financial situation and then selling shares of its stock when the price was artificially inflated.

September 9, 2011
Kohl’s delays quarterly filing

Kohl’s said it has notified the U.S. Securities and Exchange Commission that it is delaying filing its second quarter filing as its deals with previously reported errors in its accounting for both store and equipment leases.

New York City -- Kohl’s said it has notified the U.S. Securities and Exchange Commission that it is delaying filing its second quarter filing as its deals with previously reported errors in its accounting for both store and equipment leases. 

As a result of these and other less significant accounting corrections, Kohl's expects to record additional property and financing obligations on its balance sheet. The company said it doesn't expect the corrections to have an impact on the net increase or decrease in cash and cash equivalents reported.

July 18, 2011
President of Build-A-Bear Workshop to retire

John Haugh announced that he plans to retire as president of Build-A-Bear Workshop Inc., effective July 22, according to a company filing with the Securities and Exchange Commission.

New York — John Haugh announced that he plans to retire as president of Build-A-Bear Workshop Inc., effective July 22, according to a company filing with the Securities and Exchange Commission.

A successor has not yet been named.

July 11, 2011
Dunkin’ sets IPO price range

Dunkin’ Brands Group is seeking to raise as much as $460.6 million in its initial public offering, 15% more than the company planned in May, Bloomberg reported.

New York City -- Dunkin’ Brands Group is seeking to raise as much as $460.6 million in its initial public offering, 15% more than the company planned in May, Bloomberg reported.

Dunkin’ Brands is offering 22.3 million shares for $16 to $18 each, the chain said in a filing with the U.S. Securities and Exchange Commission today. The company may sell an additional 3.33 million shares, given sufficient demand.

June 9, 2011
Major Barnes & Noble shareholder reduces stake

According to a Wednesday filing with the SEC, major Barnes & Noble shareholder, Aletheia Research & Management, has cut its stake in the bookseller from 10.6% to 8.65%.

New York City -- According to a Wednesday filing with the SEC, major Barnes & Noble shareholder, Aletheia Research & Management, has cut its stake in the bookseller from 10.6% to 8.65%.

Aletheia was accused by Barnes & Noble of teaming with activist investor billionaire Ron Burkle during a proxy fight last year.

The reduction comes about two weeks after Liberty Media made a $1 billion offer for Barnes & Noble.

June 6, 2011
Borders executive VP and chief merchant resigns

Borders Group executive VP and chief merchandising officer Michele Cloutier has resigned, Borders said in a late afternoon Friday filing with the U.S. Securities and Exchange Commission.

Ann Arbor, Mich. -- Borders Group executive VP and chief merchandising officer Michele Cloutier has resigned, Borders said in a late afternoon Friday filing with the U.S. Securities and Exchange Commission.

It is the latest in a string of high-level departures from the bookseller as it struggles to emerge from bankruptcy protection.

On Thursday, the company received a deadline extension until mid-October to file a plan to restructure. An attorney for Borders said parts of the company could be sold in as quickly as two weeks.

May 23, 2011
Sears CFO calls it quits

Sears Holdings has named William Phelan as acting CFO, replacing Michael Collins, currently SVP and CFO, who resigned last week to pursue another opportunity, the company reported in an SEC filing.

Hoffman Estates, Ill. — Sears Holdings has named William Phelan as acting CFO, replacing Michael Collins, currently SVP and CFO, who resigned last week to pursue another opportunity, the company reported in an SEC filing.

Collins will remain with the company until June 10 in order to ensure a smooth transition, Sears noted in the filing.

May 9, 2011
CVS Caremark discloses SEC inquiry

CVS Caremark Corp. is disclosing another government inquiry into its business, as the company said the Securities and Exchange Commission has requested documents related to its Caremark pharmacy benefits management unit, the Associated Press reported.

New York City -- CVS Caremark Corp. is disclosing another government inquiry into its business, as the company said the Securities and Exchange Commission has requested documents related to its Caremark pharmacy benefits management unit, the Associated Press reported.

The company said it received a subpoena from the SEC on Feb. 28.

The agency asked for corporate records on several issues, including public disclosures in 2009 related to pharmacy benefits management and its Medicare Part D prescription-drug benefit businesses.

April 15, 2011
Zale cleared by SEC

Zale Corp. announced Friday that it has been cleared by the Securities and Exchange Commission in its investigation and that the SEC will not take any action against the company.

Dallas -- Zale Corp. announced Friday that it has been cleared by the Securities and Exchange Commission in its investigation and that the SEC will not take any action against the company.

The SEC began investigating the jeweler in October 2009 after it restated its 2008 and 2009 earnings. The company said at the time that a financial audit had uncovered internal control and accounting issues related to advertising costs, income taxes and internal company payments, among other things.