Defendant Name:
Exela Technologies, Inc.
Defendant Type:
Public Company
SIC Code:
9999
CUSIP:
30162V40
Document Reference:
34-96535
Document Details
Legal Case Name
In the Matter of Exela Technologies, Inc. and James G. Reynolds
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
19-Dec-2022
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On December 19, 2022, the SEC instituted settled cease-and-desist proceedings against Exela Technologies, Inc. and James G. Reynolds, stating: "This matter involves accounting, financial reporting and controls deficiencies by Exela, a business process automation company headquartered in Irving, Texas. These deficiencies led to a multi-year restatement of Exela’s financial statements concerning, among other things, its failure to properly account for and report its exposure to a shareholder lawsuit and to disclose and account for related party transactions. Reynolds, Exela’s former Chief Financial Officer, caused Exela’s failure to properly report two related party transactions in one quarter."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$175,000.00
Shared:
Other Defendants in Action:
