Defendant Name:
Hampton Roads Bankshares, Inc.
Defendant Type:
Public Company
SIC Code:
6021
CUSIP:
40932150
Document Reference:
34-73750
Document Details
Legal Case Name
In the Matter of Hampton Roads Bankshares, Inc.
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order and Civil Penalties
Document Date
05-Dec-2014
Document Format
Administrative Proceeding
AAER
3600
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On December 5, 2014, the SEC instituted settled administrative proceedings against Hampton Roads Bankshares, Inc. According to the SEC: "This matter involves HRBS's accounting treatment in connection with the recording of its deferred tax asset ("DTA") in 2009 and 2010. During 2009 and the first quarter of 2010, HRBS recorded a large DTA without taking a significant valuation allowance against it. HRBS concluded that based on anticipated future earnings, the Company was "more likely than not" to realize its DTA within the applicable carry-forward period. This conclusion was unreasonable because the financial projections underlying HRBS's projections of future earnings were not supportable based on the Company's financial condition, including in particular the ongoing deterioration of its loan portfolio."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Various undertakings
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$200,000.00
Shared:
