MDC Partners settles SEC probe into former CEO's expenses
- Wall Street dips on Trump protectionism, Qualcomm drag
- Yahoo! (YHOO) Tops Q4 EPS by 4c; Sees Verizon Deal Closing in Q2, Not Q1
- Aetna's (AET) Humana (HUM) Takeover Blocked by Judge as Anticompetative
- Trump signs order withdrawing U.S. from Trans-Pacific trade deal
- After-Hours Stock Movers 1/23: (REXX) (MRCY) (SYNC) Higher; (FSM) (OCUL) (CASC) Lower (more...)
The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
(Reuters) - MDC Partners Inc (NASDAQ: MDCA), which owns ad agencies such as 72andSunny and Crispin, Porter + Bogusky, said it had settled an investigation by the U.S. Securities and Exchange Commission into former Chief Executive Miles Nadal's improper expenses.
The company said on Wednesday it would pay a $1.5 million fine as part of the settlement and will not restate any of its financial statements.
Nadal agreed to fully repay the company $11.3 million for improper expenses and will return $10.6 million in cash bonus awards, MDC Partners said.
MDC Partners said it expected the SEC to continue its investigation into other former company executives.
The company last week hired LionTree Advisors to evaluate its capital structure, slashed its full-year forecast and suspended its dividend.
The company's shares were up 12 percent at $3.98 in afternoon trading on the Nasdaq.
(Reporting by Narottam Medhora in Bengaluru; Editing by Anil D'Silva)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Herbalife (HLF) Provides Q4, FY17 Guidance in Memorandum for $1.325B Credit Facility; Lowers FY17 Sales Guidance
- EXCO Resources (XCO) Announces Receipt of NYSE Continued Listing Standard Notice
- National Security Group (NSEC) Declares $0.05 Quarterly Dividend; 1.2% Yield
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!