Defendant Name:
General Motors Company
Defendant Type:
Public Company
SIC Code:
3711
CUSIP:
37045V10
Document Reference:
34-79825
Document Details
Legal Case Name
In the Matter of General Motors Company
Document Name
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
Document Date
18-Jan-2017
Document Format
Administrative Proceeding
AAER
3850
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On January 18, 2017 the SEC instituted a settled proceeding against General Motors. According to the SEC: "the company's internal investigation involving the defective ignition switch wasn't brought to the attention of its accountants until November 2013 even though other General Motors personnel understood in the spring of 2012 that there was a safety issue at hand. Therefore, during at least an 18-month period, accountants at General Motors did not properly evaluate the likelihood of a recall occurring or the potential losses resulting from a recall of cars with the defective ignition switch."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$1,000,000.00
Shared:
