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Tag Archives: sec
SEC Charges Mining Company Rio Tinto with Bribery
Ford Motor (NYSE: F) and Stellantis (NYSE: STLA) among other large international corporations have supply contracts or business relationships with the mining conglomerate involving electric vehicle battery materials. Whether this is a bum in the road or a longer-term impediment to EV advancement is an open and ongoing matter subject to debate in industrial and public policy sectors. Continue reading
Penske Automotive Group SEC 8K Filing – Cuts Credit Costs
“The U.S. Credit Agreement provides for up to $800.0 million in revolving loans for working capital, acquisitions, capital expenditures, investments, and other general corporate purposes, and provides up to an additional $50.0 million of letters of credit. The U.S. Credit Agreement provides for a maximum of $150.0 million of borrowings for foreign acquisitions and expires on September 30, 2025. The interest rate on revolving loans is LIBOR plus 1.50%, subject to an incremental 1.50% for uncollateralized borrowings in excess of a defined borrowing base.” Continue reading
Posted in auto news, economy, financial results, shows and events
Tagged auto industry commentary, autoinformed.com, Ken Zino, sec
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Nikola to Pay $125 Million to SEC on Fraud Charges
The SEC’s order says that “before Nikola had produced a single commercial product, Milton embarked on a public relations campaign aimed at inflating and maintaining Nikola’s stock price. Milton’s statements in tweets and media appearances falsely gave investors the impression that Nikola had reached certain product and technological milestones.” Continue reading
Sunshine as Disinfectant or Glare? – SEC Proposes Enhanced Proxy Voting Disclosure
While the intent is to slow down the insider trading practices in the capital markets, it is by no means certain it will do so. Without doubt it will increase the complexity and length of disclosure documents thereby leading to more confusion among the people it is trying to help. Continue reading
SEC Charges Nikola Founder Trevor Milton With Fraud
The SEC’s complaint, filed in U.S. District Court for the Southern District of New York, alleges that Milton founded Nikola in 2015 with the primary goal of manufacturing trucks that run on alternative fuels with low or zero emissions, and building an alternative fuel station infrastructure to support those vehicles. Milton allegedly helped Nikola raise more than $1 billion in private offerings and go public through a business combination conducted by a special purpose acquisition company (SPAC). Continue reading
SEC Starts Task Force on Climate Change Investment Risks
What this means, in short, is that things are getting tougher for companies that are part of the global warming crisis or want to profit from investors who wish to support firms that are run on an environmentally friendly basis. but wish to avoid the consequences. Environmental, social, and governance (ESG) criteria are an “increasingly popular way for investors to evaluate companies in which they might want to invest,” said the SEC. In the financial markets, mutual funds, brokerage firms, and robo-advisors now offer products that employ ESG criteria. ESG criteria can also help investors avoid companies that might pose a greater financial risk due to their environmental or other practices. Continue reading
FCA Fined $9.5 Million for Diesel Emissions Abuses
FCA’s statements did not sufficiently disclose the limited scope of its internal audit, which focused only on finding a specific type of defeat device, or that the audit was not a comprehensive review of FCA’s compliance with U.S. emissions regulations. Continue reading
Posted in electronics, engineering, environment, litigation
Tagged auto industry commentary, autoinformed, autoinformed.com, carb, Death of the diesel, dieselgate, epa, Ken Zino, sec
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BorgWarner Cops SEC Plea for Materially Misstating Financial Statements Concerning Asbestos Litigation
According to the SEC’s order, BorgWarner did not conduct any substantive quantitative analysis to estimate these asbestos claims, despite possessing nearly 40 years of historical raw claims data. BorgWarner also admitted that its internal controls over financial reporting were ineffective. Continue reading
Posted in environment, financial results, litigation
Tagged asbestos litigation, auto industry commentary, autoinformed, autoinformed.com, BorgWarner, Ken Zino, sec
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General Motors to Offer More Senior Unsecured Notes
“We expect the New 364-Day Revolving Facility to be unsecured and to provide available borrowing capacity of approximately $2 billion in U.S. Dollars only, and we have received commitments from lenders in excess of this amount.” Continue reading
Actor Steven Seagal Settles SEC Charges
The SEC’s order finds that Seagal violated the anti-touting provisions of the federal securities laws. Without admitting or denying the SEC’s findings, Seagal agreed to pay $157,000 in disgorgement, which represents his actual promotional payments, plus prejudgment interest, and a $157,000 penalty. In addition, Seagal agreed not to promote any securities, digital or otherwise, for three years. Continue reading
Posted in people
Tagged auto industry commentary, autoinformed.com, Kenneth Zino, sec, Steven Seagal
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Wells Fargo to Pay $500 Million for Misleading Investors
Wells Fargo has agreed to pay $500 million to settle the charges, which will be returned to investors. The $500 million payment is part of a combined $3 billion settlement with the SEC and the Department of Justice. Continue reading
China – SEC Charges 18 Traders for Stock Manipulation
According to the SEC’s complaint, the traders used multiple accounts to place several small sell orders to drive down a stock’s price before using a different set of accounts to buy larger amounts of the stock at the artificially low prices. After amassing their position, the traders placed several small buy orders to push up prices so they could then sell their stock at artificially high prices. Continue reading
FCA US Q3 Sales Flat at 565,000
FCA touted three sales records for the third quarter as buyer bought or leased premium technology and interior upgrades on heavy-duty trucks. Continue reading
Posted in sales
Tagged auto industry commentary, autoinformed.com, fca, Kenneth Zino, sec, us auto sales
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SEC Gets Final Judgment Against Volkswagen on Dieselgate
The final judgment orders VWGOAF to pay $34.35 million in disgorgement and $14.4 million in prejudgment interest. Following the entry of the final judgment, the SEC dismissed its outstanding claims against VWGOAF’s ultimate parent company, Volkswagen AG, and Volkswagen AG’s former CEO, Martin Winterkorn. The Court had previously dismissed the SEC’s claims against VW Credit, Inc. on 20 August 2020. These actions have resolved the SEC’s case against Volkswagen in its entirety. Continue reading →