Defendant Name: Portugal Telecom SGPS S.A.

Defendant Type: Public Company
SIC Code: 4812
CUSIP: 73727310

Initial Case Details

Legal Case Name In the Matter of Portugal Telecom, SGPS, S.A., now known as Pharol SGPS, S.A.
First Document Date 13-Sep-2016
Initial Filing Format Administrative Action
File Number 3-17534
Allegation Type Issuer Reporting and Disclosure
AAER 3799

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Other
• Rule 13a-16 Exchange Act

Resolutions

First Resolution Date 13-Sep-2016
Headline Total Penalty and Disgorgement $1,250,000

Related Documents:

34-78824 13-Sep-2016 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 September 13, 2016, the SEC issued a settled administrative proceedings against Portugal Telecom SGPS S.A. According to the SEC: "This financial reporting matter arises out of Portugal Telecom, SGPS, S.A.’s (“Portugal Telecom”) misleading and inaccurate disclosures regarding its investments in debt instruments issued by entities of Portuguese conglomerate, Grupo Espirito Santo (“GES”)."
2016-183 13-Sep-2016 Press Release--Administrative Proceeding
SEC: Company Failed to Disclose Credit Risk in Investments
On September 13, 2016, the SEC announced that: "a Portuguese-based telecommunications company has agreed to pay a $1.25 million penalty for its failure to properly disclose the nature and extent of credit risk involved in its investments in debt instruments issued by companies of Portuguese conglomerate Grupo Espirito Santo.".