SEC Seeks Civil Action Against Beazer Homes' (BZH) CEO McCarthy
Down)
Federal regulators with the SEC have notified Beazer Homes Inc. (NYSE: BZH) that the company's CEO coud face civil charges over incentive compensation.
Beazer Homes said that the SEC staff issued a Wells Notice to CEO Ian McCarthy. A Wells Notice is a letter sent by the SEC when it plans to bring enforcement action. The company plans to respond to the notice, which is not a formal allegation of wrongdoing.
The SEC is recommending action against McCarthy to obtain incentive compensation due under the Sarbanes-Oxley Act of 2002. The total of the compensation that is allegedly due was not released.
The company, which is the nation's ninth largest home builder by annual closings, was not named in the filing.
This comes little more than a year after the company settled with the commission in an investigation into the financial statements matters that were subject of an independent investigation by the company’s audit committee.
Shares for Beazer are down 5 percent since the release of the information regarding the SEC filing. Shares are currently moving at $5.10.
Beazer Homes said that the SEC staff issued a Wells Notice to CEO Ian McCarthy. A Wells Notice is a letter sent by the SEC when it plans to bring enforcement action. The company plans to respond to the notice, which is not a formal allegation of wrongdoing.
The SEC is recommending action against McCarthy to obtain incentive compensation due under the Sarbanes-Oxley Act of 2002. The total of the compensation that is allegedly due was not released.
The company, which is the nation's ninth largest home builder by annual closings, was not named in the filing.
This comes little more than a year after the company settled with the commission in an investigation into the financial statements matters that were subject of an independent investigation by the company’s audit committee.
Shares for Beazer are down 5 percent since the release of the information regarding the SEC filing. Shares are currently moving at $5.10.
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