Defendant Name:
Hyperdynamics Corporation
Defendant Type:
Public Company
SIC Code:
1311
CUSIP:
44895420
Document Reference:
34-76006
Document Details
Legal Case Name
In the Matter of Hyperdynamics Corporation
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
29-Sep-2015
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 29, 2015, the SEC instituted settled cease and desist proceedings against Hyperdynamics Corporation. According to the SEC: "Hyperdynamics failed to accurately record certain payments made by its subsidiary based in the Republic of Guinea. The company initially recorded the payments a public relations and lobbying expenses to unrelated third parties without evidence that such services were actually performed. The company later determine that its Guinean-based employee controlled the third party entities, but did not record the payments as related party transactions." The SEC also alleged that Hyperdynamics failed to implement or maintain a system of adequate internal accounting controls.
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$75,000.00
Shared:
