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Wednesday, September 30, 2015
Hyperdynamics Corp. issued its consent to the entry of an administrative cease-and-desist order by the US Securities and Exchange Commission (SEC) concerning the books and records and internal control provisions of the SEC.
As previously disclosed by Hyperdynamics, the SEC had issued a subpoena to the company concerning possible violations of the Foreign Corrupt Practices Act (FCPA). This settlement fully resolves the SEC’s investigation. The allegations in the order relate to certain issues concerning the company’s books and records and internal controls in 2007-2008.
Hyperdynamics consented to the SEC order without admitting or denying the SEC’s findings and agreed to pay a $75,000 penalty to the SEC.
As previously disclosed in May the DOJ closed its investigation into possible FCPA violations by Hyperdynamics without bringing any charges against the company.
In reaching this resolution, the SEC considered remedial acts undertaken by the company and cooperation afforded the SEC staff. The SEC order recognizes that, beginning in July 2009, Hyperdynamics replaced its senior management team and its entire Board of Directors, revised its policies, implemented training programs, increased its legal and accounting personnel, and instituted a series of procedures to more strictly control transfers of funds.
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