Cavco Industries issues statement against SEC complaint, shares dip

Cavco Industries

03/09/2021 17:58

** Shares of manufactured homes producer  CVCO.O  down 2.23%
at $253.3
    ** Co said the U.S. SEC filed a civil complaint against it
in the District Court of Arizona  urn:newsml:reuters.com:*:nGNX4B5GKV
    ** SEC named CVCO, its former CEO Joseph Stegmayer and CFO
Daniel Urness as defendants in the complaint
    ** Complaint is based on alleged trading misconduct in fall
2017, co said, which resulted in an unrealized gain of $260,459 
    ** Complaint also based on alleged internal accounting
control violations related to such gains
    ** SEC seeks monetary penalties and an injunction, co said
    ** Co intends to "vigorously defend itself" against the
allegations 
    ** Shares up ~43% YTD

 (Reporting by Sohini Podder in Bengaluru)
 ((sohini.podder@thomsonreuters.com))