OPKO 'Company' - CEO and Chairman, 'Phillip Frost'
Jul 23, 2022 17:41:18 GMT
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Post by Uncle on Jul 23, 2022 17:41:18 GMT
September 7, 2018, the SEC filed a lawsuit in the Southern District of New York (the “SEC Complaint” or “SEC Lawsuit”) against a number of individuals and entities, including the Company and its CEO and Chairman, Phillip Frost (“Dr. Frost”), alleging violations of securities laws. The Company entered into a settlement agreement with the SEC on December 27, 2018, pursuant to which, without admitting or denying any of the allegations of the SEC Complaint, the Company is enjoined from violating Section 13(d) of the Exchange Act and paid a $100,000 penalty.
Following the SEC’s announcement of the SEC Complaint, a number of class actions and derivative suits were filed concerning the allegations in the SEC Complaint and related matters. On June 26, 2020, The Amitim Funds, the lead plaintiff in the class action lawsuits filed a Stipulation of Settlement in the Southern District of Florida of behalf of itself and the remainder of the class, which provided for the settlement of and release of the class action claims for an aggregate of $16.5 million, a significant portion of which was paid into escrow by our insurance carriers. The settlement was approved on December 15, 2020.
SEC Announcement
REF: www.sec.gov/news/press-release/2018-182
SEC Complaint
SEC OPKO Frost Final Judgement
REF: www.sec.gov/files/Judg18-cv-08175Frost.pdf
Following the SEC’s announcement of the SEC Complaint, a number of class actions and derivative suits were filed concerning the allegations in the SEC Complaint and related matters. On June 26, 2020, The Amitim Funds, the lead plaintiff in the class action lawsuits filed a Stipulation of Settlement in the Southern District of Florida of behalf of itself and the remainder of the class, which provided for the settlement of and release of the class action claims for an aggregate of $16.5 million, a significant portion of which was paid into escrow by our insurance carriers. The settlement was approved on December 15, 2020.
SEC Announcement
REF: www.sec.gov/news/press-release/2018-182
SEC Complaint
SEC OPKO Frost Final Judgement
REF: www.sec.gov/files/Judg18-cv-08175Frost.pdf
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