Defendant Name: GTT Communications, Inc.

Defendant Type: Public Company
SIC Code: 8743
CUSIP: 36239310

Initial Case Details

Legal Case Name In the Matter of GTT Communications, Inc.
First Document Date 25-Sep-2023
Initial Filing Format Administrative Action
File Number 3-21708
Allegation Type Issuer Reporting and Disclosure
AAER 4459

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• 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 25-Sep-2023

Related Documents:

33-11241 25-Sep-2023 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 25, 2023, the SEC instituted settled cease-and-desist proceedings against GTT Communications, Inc., stating: "GTT made materially misleading statements and omissions relating to Cost-ofRevenue (“COR”)in certain 2019 and 2020 Exchange Act annual, quarterly, and current reports. COR, referred to by GTT in public filings as Cost of Telecommunications Services, represents direct costs incurred by GTT in providing telecommunications services to its customers and is GTT’s largest operating expense."
2023-195 25-Sep-2023 Press Release--Administrative Proceeding
SEC Charges GTT Communications for Disclosure Failures
On September 25, 2023, the SEC stated that: "[It] charged GTT Communications, Inc. with failing to disclose material information about unsupported adjustments the company made in several Commission filings, which increased GTT’s reported operating income by at least 15 percent in three quarters from 2019 through 2020. The SEC’s order credits GTT with promptly self-reporting, undertaking affirmative remedial measures, and providing substantial cooperation to the SEC, and does not order a civil penalty against GTT."