Defendant Name:
CVR Energy, Inc.
Defendant Type:
Public Company
Document Reference:
2017-48
Document Details
Legal Case Name
In the Matter of CVR Energy, Inc.
Document Name
SEC Announces Cases Related to Disclosures During Battles for Corporate Control
Document Date
14-Feb-2017
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On February 14, 2017 the SEC announced in a press release
"two enforcement actions involving disclosure violations that deprive investors of material information during battles for corporate control of publicly traded companies." According to the SEC: "CVR Energy made inadequate disclosures in SEC filings about “success fee” arrangements with two investment banks retained by the company to
fend off a hostile takeover bid. Shareholders were consequently unaware of potential conflicts of interest that stemmed from the fee
arrangements, namely that the banks could still earn success fees even if the hostile bidder secured control of the company."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution