Defendant Name: Exela Technologies, Inc.

Defendant Type: Public Company
SIC Code: 9999
CUSIP: 30162V40

Initial Case Details

Legal Case Name In the Matter of Exela Technologies, Inc. and James G. Reynolds
First Document Date 19-Dec-2022
Initial Filing Format Administrative Action
File Number 3-21256
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)
Additionally, James Reynolds is alleged to have caused Exela Technologies, Inc. 's violation of Rule 12b-20 of the Exchange Act.
James Reynolds is alleged to have caused Exela Technologies, Inc. 's violation of Sec 13(a) of the Exchange Act.
James Reynolds is alleged to have caused Exela Technologies, Inc. 's violation of Rule 13a-13 of the Exchange Act.

Resolutions

First Resolution Date 19-Dec-2022
Headline Total Penalty and Disgorgement $175,000

Related Documents:

34-96535 19-Dec-2022 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 December 19, 2022, the SEC instituted settled cease-and-desist proceedings against Exela Technologies, Inc. and James G. Reynolds, stating: "This matter involves accounting, financial reporting and controls deficiencies by Exela, a business process automation company headquartered in Irving, Texas. These deficiencies led to a multi-year restatement of Exela’s financial statements concerning, among other things, its failure to properly account for and report its exposure to a shareholder lawsuit and to disclose and account for related party transactions. Reynolds, Exela’s former Chief Financial Officer, caused Exela’s failure to properly report two related party transactions in one quarter."
34-96535-s 19-Dec-2022 Administrative Summary
SEC Charges Exela Technologies, Former CFO for Reporting and Controls Failures
The SEC "announced settled charges against Exela Technologies, Inc., an IT company headquartered in Irving, Texas, for reporting, controls, and recordkeeping violations. The SEC also announced settled charges against Exela's former Chief Financial Officer, James G.Reynolds, with causing Exela's reporting violations in one quarter relating to two related party transactions."

Other Defendants in Action:

James Reynolds