Brief: Celadon Group Announces Resolutions Of DOJ And SEC Investigations

Celadon

25/04/2019 18:20

Celadon Group Inc  CGIP.PK :
    * CELADON GROUP ANNOUNCES RESOLUTIONS OF DOJ AND SEC
INVESTIGATIONS
    * CELADON GROUP INC - COMPANY HAS AGREED OVER COURSE OF
DPA'S TERM
TO PAY RESTITUTION IN AMOUNT OF $42.2 MILLION
    * CELADON GROUP - DPA REQUIRES INITIAL PAYMENT OF $5.0
MILLION
WITHIN 90 DAYS AND FINAL PAYMENT OF ANY REMAINING BALANCE ON
JUNE 30, 2024
    * CELADON GROUP INC - DEFERRED PROSECUTION AGREEMENT WILL
REMAIN
IN EFFECT THROUGH JUNE 30, 2024, UNLESS TERMINATED EARLIER OR
EXTENDED
    * CELADON - INVESTIGATIONS RELATED TO CONDUCT THAT OCCURRED
PRIOR
TO HIRING OF CURRENT CEO, CFO, AND CHIEF ACCOUNTING OFFICER
    * CELADON GROUP - REQUIRED TO REPORT AT LEAST ANNUALLY TO
DOJ
RELATING TO REMEDIATION, IMPLEMENTATION OF CORPORATE COMPLIANCE
PROGRAM & INTERNAL CONTROLS
    * CELADON GROUP INC - UNDER DPA, THERE IS NO INDEPENDENT
MONITOR
REQUIREMENT.
    * CELADON GROUP INC - AGREED TO SETTLE WITH SEC BY
CONSENTING TO
ENTRY OF A FINAL JUDGMENT
    * CELADON GROUP INC - FINAL JUDGMENT WITH SEC PERMANENTLY
RESTRAINS AND ENJOINS CO FROM VIOLATING CERTAIN SECTIONS OF
SECURITIES EXCHANGE ACT OF 1934
    * CELADON GROUP - CONSENT AND RELATED JUDGMENT ORDERS
COMPANY TO
DISGORGE ABOUT $7.5 MILLION
    * CELADON - CONSENT REQUIRES CO TO REMEDIATE BY SEPT 30
DEFICIENCIES IN INTERNAL CONTROL OVER FINANCIAL REPORTING THAT
CONSTITUTED MATERIAL WEAKNESSES

Source text for Eikon:  ID:nPn5Wzmxwa 
Further company coverage:  CGIP.PK