Defendant Name: Lifeway Foods, Inc.

Defendant Type: Public Company
SIC Code: 2020
CUSIP: 53191410

Initial Case Details

Legal Case Name In the Matter of Lifeway Foods, Inc.
First Document Date 29-Jan-2019
Initial Filing Format Administrative Action
File Number 3-18970
Allegation Type Issuer Reporting and Disclosure
AAER 4016

Violations Alleged

Exchange Act
• Sec 13(a)
• Rule 13a-1
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Other
• Rules 13a-15(a), 13a-15(c) Exchange Act

Resolutions

First Resolution Date 29-Jan-2019
Headline Total Penalty and Disgorgement $100,000

Related Documents:

34-84995 29-Jan-2019 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 January 29, 2019, the SEC issued an order against Lifeway Foods, Inc. stating: "These proceedings involve violations of the federal securities laws in connection with the Respondent's Internal Control over Financial Reporting ("ICFR"). Respondent failed to create and implement effective ICFR for ten consecutive annual reporting periods and failed to complete in certain periods the required management assessment of internal controls. In addition, Respondent announced three financial statement restatements during the period from 2007 to 2016."
2019-6_3-18970 29-Jan-2019 Press Release--Administrative Proceeding
SEC Charges Four Public Companies With Longstanding ICFR Failures
On January 29, 2019, the SEC stated that: "[It] settled charges against four public companies for failing to maintain internal control over financial reporting (ICFR) for seven to 10 consecutive annual reporting periods. Two of the charged companies also failed to complete the required evaluation of the effectiveness of ICFR for two consecutive annual reporting periods."