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UniPixel Comments on SEC Settlement Related to 2013 Investigation.
SANTA CLARA, Calif., March 9, 2016 /PRNewswire/ UniPixel, Inc. (UNXL), a provider of Performance Engineered Films™ to the touch screen and flexible electronics markets, today announced that without admitting or denying the allegations, it has agreed to pay $750,000 over almost three years to settle charges by the SEC that its former management team misled investors about the production status and sales agreements for a key product. As previously disclosed by the Company on November 19, 2013, and continuously stated in its public filings on Form 10-Q and 10-K with the SEC since that date, the Company learned that the Fort Worth Regional Office of the U.S. Securities and Exchange Commission (the "SEC") issued subpoenas concerning the Company's agreements related to its prior InTouch™ Sensors, which the Company is no longer manufacturing. Current management of UniPixel, none of whom were involved in the events under the investigation, cooperated fully with the SEC regarding this non-public, fact-finding inquiry. Ultimately the Company agreed to a pay a civil penalty over a term of almost three years for the payment.
Information regarding the complaint and settlement is set forth in the SEC's press release which can be found here -- http://www.sec.gov/news/pressrelease/2016-45.html
Jeff Hawthorne, president and chief executive officer of UniPixel, commented, "This was a matter dating back to actions primarily taking place in 2013 which involved prior management of the Company. Without admitting or denying the allegations of the SEC's complaint, the Company has consented to a judgment which the parties have asked the court to enter. Our new management team has put in place best practices in corporate governance and accounting. In addition, current management takes great pains to accurately report its financial results and the status of its various technology programs. We are pleased to have this behind us and are focused on growing our business in the coming years. None of the prior senior management team are employed by UniPixel today."
The Company continues to expand its customer base and is pleased to see an end to the discussions with the SEC on this matter.
About UniPixel
SANTA CLARA, Calif., March 9, 2016 /PRNewswire/ UniPixel, Inc. (UNXL), a provider of Performance Engineered Films™ to the touch screen and flexible electronics markets, today announced that without admitting or denying the allegations, it has agreed to pay $750,000 over almost three years to settle charges by the SEC that its former management team misled investors about the production status and sales agreements for a key product. As previously disclosed by the Company on November 19, 2013, and continuously stated in its public filings on Form 10-Q and 10-K with the SEC since that date, the Company learned that the Fort Worth Regional Office of the U.S. Securities and Exchange Commission (the "SEC") issued subpoenas concerning the Company's agreements related to its prior InTouch™ Sensors, which the Company is no longer manufacturing. Current management of UniPixel, none of whom were involved in the events under the investigation, cooperated fully with the SEC regarding this non-public, fact-finding inquiry. Ultimately the Company agreed to a pay a civil penalty over a term of almost three years for the payment.
Information regarding the complaint and settlement is set forth in the SEC's press release which can be found here -- http://www.sec.gov/news/pressrelease/2016-45.html
Jeff Hawthorne, president and chief executive officer of UniPixel, commented, "This was a matter dating back to actions primarily taking place in 2013 which involved prior management of the Company. Without admitting or denying the allegations of the SEC's complaint, the Company has consented to a judgment which the parties have asked the court to enter. Our new management team has put in place best practices in corporate governance and accounting. In addition, current management takes great pains to accurately report its financial results and the status of its various technology programs. We are pleased to have this behind us and are focused on growing our business in the coming years. None of the prior senior management team are employed by UniPixel today."
The Company continues to expand its customer base and is pleased to see an end to the discussions with the SEC on this matter.
About UniPixel
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