Defendant Name: CVR Energy, Inc.

Defendant Type: Public Company
SIC Code: 2911
CUSIP: 12662P10

Initial Case Details

Legal Case Name In the Matter of CVR Energy, Inc.
First Document Date 14-Feb-2017
Initial Filing Format Administrative Action
File Number 3-17846
Allegation Type Issuer Reporting and Disclosure

Violations Alleged

Sections 14(d)(4) Exchange Act; Rule 14d-9 Exchange Act


First Resolution Date 14-Feb-2017

Related Documents:

34-80039 14-Feb-2017 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On February 14, 2017 the SEC issued an settled proceeding against CVR Energy, Inc. According to the SEC: "This matter concerns CVR Energy, Inc.’s (“CVR’s”) failure to adequately disclose the material terms of its fee arrangements with two investment banks (the “Banks”) in connection with financial advisory services they provided to CVR during a hostile tender offer by a well-known shareholder activist (the “Activist Investor”)."
2017-48 14-Feb-2017 Press Release--Administrative Proceeding
SEC Announces Cases Related to Disclosures During Battles for Corporate Control
On February 14, 2017 the SEC announced in a press release "two enforcement actions involving disclosure violations that deprive investors of material information during battles for corporate control of publicly traded companies." According to the SEC: "CVR Energy made inadequate disclosures in SEC filings about “success fee” arrangements with two investment banks retained by the company to fend off a hostile takeover bid. Shareholders were consequently unaware of potential conflicts of interest that stemmed from the fee arrangements, namely that the banks could still earn success fees even if the hostile bidder secured control of the company."