Defendant Name:
Express, Inc.
Defendant Type:
Public Company
SIC Code:
5621
CUSIP:
30219E20
Document Reference:
34-101934
Document Details
Legal Case Name
In the Matter of Express, Inc.
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
17-Dec-2024
Document Format
Administrative Proceeding
AAER
4548
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On December 17, 2024, the SEC instituted settled administrative and cease-and-desist proceedings against Express, Inc., stating: "This matter arises from Express, Inc.'s failure to disclose in its definitive proxy statements $979,269 worth of certain perquisites and personal benefits it paid on behalf of its Chief Executive Officer (the "CEO"), and member of its board of directors, for its fiscal years 2019, 2020, and 2021. Most of the undisclosed perquisites and personal benefits were costs associated with the CEO's authorized use of chartered private aircraft. Express did not have adequate controls, policies, or procedures in place to effectively identify and analyze potential compensation for disclosure. In connection with this conduct, Express violated Sections 13(a) and 14(a) of the Exchange Act and Rules 12b-20, 13a-1, 13a-15(a), 14a-3, and 14a-9 thereunder."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
The Commission ordered that: "Respondent acknowledges that the Commission is not imposing a civil penalty based in part upon its cooperation in a Commission investigation."
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
