Defendant Name: Presto Automation Inc.

Defendant Type: Public Company
SIC Code: 9999
CUSIP: 74113T10

Initial Case Details

Legal Case Name In the Matter of Presto Automation Inc.
First Document Date 14-Jan-2025
Initial Filing Format Administrative Action
File Number 3-22413
Allegation Type Issuer Reporting and Disclosure

Violations Alleged

Exchange Act
• Sec 13(a)
• Rule 13a-11
• Rule 13a-15
Securities Act
• Sec 17(a)(2)

Resolutions

First Resolution Date 14-Jan-2025

Related Documents:

33-11352 14-Jan-2025 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 January 14, 2025, the SEC instituted settled cease-and-desist proceedings against Presto Automation Inc., stating: "This matter concerns materially false and misleading statements that Presto, a restaurant technology company, made to investors regarding critical aspects of its flagship artificial intelligence (“AI”) product, Presto Voice. Presto made these false and misleading statements in its Commission filings and public statements between November 2021 and May 2023."
33-11352-s 14-Jan-2025 Administrative Summary
SEC Charges Restaurant-Technology Company Presto Automation for Misleading Statements About AI Product
On January 14, 2025, the SEC "announced settled charges against Presto Automation Inc., a restaurant-technology company that was listed on the Nasdaq until September 2024, for making materially false and misleading statements about critical aspects of its flagship artificial intelligence (AI) product, Presto Voice. Presto Voice employs AI-assisted speech recognition technology to automate aspects of drive-thru order taking at quick-service restaurants."