Defendant Name: Compass Minerals International, Inc.

Defendant Type: Public Company

Document Reference: 34-101761

Document Details

Legal Case Name In the Matter of Compass Minerals International, Inc.
Document Name Order Appointing Fund Administrator, Setting Administrator's Bond Amount, and Authorizing the Approval and Payment of Fees and Expenses of Administration
Document Date 26-Nov-2024
Document Format Administrative Proceeding
File Number 3-21145
Allegation Type Issuer Reporting and Disclosure
Document Summary The Commission ordered that: "A. Simpluris is appointed as the Fund Administrator, pursuant to Rule 1105(a) of the Commission's Rules on Fair Fund and Disgorgement Plans ("Commission's Rules");2 B. Simpluris shall obtain a bond in accordance with Rule 1105(c) of the Commission's Rules,3 in the amount of $12,000,000.00; C. the Fund Administrator will submit invoices to the Commission staff for services rendered, in accordance with Rule 1105(d) of the Commission's Rules;4 and D. at the direction of an Assistant Director of the Office of Distributions, OFM is authorized to pay the Fund Administrator's fees and expenses from the Fair Fund, in accordance with Rule 1105(e) of the Commission's Rules,5 so long as the total amount paid to the Fund Administrator, including invoices to be paid, does not exceed the total amount of the approved cost proposal submitted by the Fund Administrator."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
The Commission ordered that: "A. Simpluris is appointed as the Fund Administrator, pursuant to Rule 1105(a) of the Commission’s Rules on Fair Fund and Disgorgement Plans (“Commission’s Rules”);2 B. Simpluris shall obtain a bond in accordance with Rule 1105(c) of the Commission’s Rules,3 in the amount of $12,000,000.00; C. the Fund Administrator will submit invoices to the Commission staff for services rendered, in accordance with Rule 1105(d) of the Commission’s Rules;4 and D. at the direction of an Assistant Director of the Office of Distributions, OFM is authorized to pay the Fund Administrator’s fees and expenses from the Fair Fund, in accordance with Rule 1105(e) of the Commission’s Rules,5 so long as the total amount paid to the Fund Administrator, including invoices to be paid, does not exceed the total amount of the approved cost proposal submitted by the Fund Administrator."
Fair Funds
Monetary Penalties:

Civil Penalty

Individual:     $12,000,000.00 Shared:    

Related Documents:

33-11107 23-Sep-2022 Administrative Proceeding
Order Instituting Cease- and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On September 23, 2022, the SEC instituted settled cease-and-desist proceedings against Compass Minerals International, Inc., stating: "This case involves various disclosure violations by Compass Minerals. From 2017 to 2018, Compass made repeated misrepresentations about its plans to reduce costs and about the production levels at its Goderich salt mine. These misrepresentations were the consequence of a deficient disclosure process at the company in which statements to investors were not reviewed by personnel who were sufficiently knowledgeable about both Compass’s operations and its disclosure obligations. The failures in Compass’s disclosure controls and procedures resulted not only in material misstatements about the mine, but in the company’s senior management not having sufficient information about environmental issues caused by a facility it owned in Brazil to make appropriate determinations about disclosures."
2022-171 23-Sep-2022 Press Release--Administrative Proceeding
SEC Charges Compass Minerals for Misleading Investors about Its Operations at World's Largest Underground Salt Mine
On September 23, 2022, the SEC "announced settled charges against Compass Minerals International Inc. for misleading investors about a technology upgrade that the company claimed would reduce costs at its most significant mine, but in reality, had increased costs, and for failing to properly assess whether to disclose the financial risks created by the company’s excessive discharge of mercury in Brazil. Compass is ordered to pay $12 million to settle the charges."
34-99076 04-Dec-2023 Administrative Proceeding
Extension Order
The Commission ordered: "the Division's request for an extension of time until December 1, 2024, to submit a Proposed Plan of Distribution is granted."
34-100573 22-Jul-2024 Administrative Proceeding
Order Appointing Tax Administrator
The Commission ordered that: "Heffler, Radetich & Saitta, LLP is appointed as the Tax Administrator for the QSF in the above-referenced proceeding."
34-101800 03-Dec-2024 Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
The Commission stated: "Notice is hereby given . . . that the Division of Enforcement has submitted to the Commission a proposed plan of distribution (the “Proposed Plan”) for the distribution of monies paid in the above-captioned matter."
34-101800-pdp 03-Dec-2024 Administrative Proceeding
Proposed Plan of Distribution
The Commission stated: "The Division of Enforcement submits this Proposed Plan of Distribution (the “Plan”) to the United States Securities and Exchange Commission (the “Commission”) . . . . This Plan provides for the distribution of a Fair Fund (the “Fair Fund”), comprised of civil money penalties collected from Compass Minerals International, Inc. (“Compass” or the “Respondent”) in the above-captioned matter."
34-102301 28-Jan-2025 Administrative Proceeding
Order Approving Plan of Distribution
The Commission ordered that: "the Proposed Plan is approved, and the approved Plan of Distribution shall be posted simultaneously with this order on the Commission’s website at www.sec.gov."
34-102301-dist-plan 28-Jan-2025 Administrative Proceeding
Plan of Distribution
The Commission stated: "The Division of Enforcement has submitted this Plan of Distribution (the "Plan") to the United States Securities and Exchange Commission (the "Commission") . . . . This Plan provides for the distribution of a Fair Fund (the "Fair Fund"), comprised of civil money penalties collected from Compass Minerals International, Inc. ("Compass" or the "Respondent") in the above-captioned matter."