Defendant Name: Compass Minerals International, Inc.

Defendant Type: Public Company
SIC Code: 1479
CUSIP: 20451N10

Initial Case Details

Legal Case Name In the Matter of Compass Minerals International, Inc.
First Document Date 23-Sep-2022
Initial Filing Format Administrative Action
File Number 3-21145
Allegation Type Issuer Reporting and Disclosure

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-13
• Rule 13a-15
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)

Resolutions

First Resolution Date 23-Sep-2022

Related Documents:

33-11107 23-Sep-2022 Administrative Proceeding
Order Instituting Cease- and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On September 23, 2022, the SEC instituted settled cease-and-desist proceedings against Compass Minerals International, Inc., stating: "This case involves various disclosure violations by Compass Minerals. From 2017 to 2018, Compass made repeated misrepresentations about its plans to reduce costs and about the production levels at its Goderich salt mine. These misrepresentations were the consequence of a deficient disclosure process at the company in which statements to investors were not reviewed by personnel who were sufficiently knowledgeable about both Compass’s operations and its disclosure obligations. The failures in Compass’s disclosure controls and procedures resulted not only in material misstatements about the mine, but in the company’s senior management not having sufficient information about environmental issues caused by a facility it owned in Brazil to make appropriate determinations about disclosures."
2022-171 23-Sep-2022 Press Release--Administrative Proceeding
SEC Charges Compass Minerals for Misleading Investors about Its Operations at World's Largest Underground Salt Mine
On September 23, 2022, the SEC "announced settled charges against Compass Minerals International Inc. for misleading investors about a technology upgrade that the company claimed would reduce costs at its most significant mine, but in reality, had increased costs, and for failing to properly assess whether to disclose the financial risks created by the company’s excessive discharge of mercury in Brazil. Compass is ordered to pay $12 million to settle the charges."
34-99076 04-Dec-2023 Administrative Proceeding
Extension Order
The Commission ordered: "the Division's request for an extension of time until December 1, 2024, to submit a Proposed Plan of Distribution is granted."
34-100573 22-Jul-2024 Administrative Proceeding
Order Appointing Tax Administrator
The Commission ordered that: "Heffler, Radetich & Saitta, LLP is appointed as the Tax Administrator for the QSF in the above-referenced proceeding."