SEC trawl of tardy Form 4 filers nets 34


THE Securities and Exchange Commission has charged a plethora of shareholders, directors and company officers with violation of prompt shareholder filing regulations.
A timely disclosure of share dealing is a material fact that must be made known to potential investors.
The Form 4 requirement protects new investors in those companies in which the share value is linked to the principals retaining a stake-holding.
Twenty eight late filers received hefty financial penalties and a further six publicly quoted companies were slapped with major fines.
In total they have agreed to settle the charges and cough up $2.6 million in fines.
One 'delinquent' form filer, Ligang Wang, vice president of China Shen Zhou Mining & Resources, is alleged to have failed to file – on time or at all – information about his $1 million share disposal and will face SEC administrative proceedings.
A full list of those named can be retrieved from the SEC newsroom.

Source: SEC Newsroom