Homebuilder Beazer Homes USA Inc (BZH) said Monday that the US Securities and Exchange Commission, or SEC, issued a Wells notice to the company's Chief Executive Officer, Ian McCarthy, on last Friday, indicating a preliminarily determination to try to collect certain incentive compensation and other amounts.
In a regulatory filing Monday, the Atlanta-based company, which had settled an SEC investigation into its financial statements last year, noted that the SEC have determined to recommend that the Commission bring a civil action against McCarthy.
In the Wells notice, the SEC Staff did not allege any lack of due care by McCarthy in connection with the company's financial statements or other disclosures. In a recently filed civil action against the chief executive officer of another company, the Commission has taken the position that it need not allege misconduct by a CEO to maintain such an action.
In the filing, the company noted that the SEC Staff has offered McCarthy an opportunity to make a submission setting forth the reasons why no such action should be filed, and that McCarthy intends to make such a submission.
The company is not named in the Wells notice.
It was September 24, 2008 that the company entered into a settlement with the SEC, without admitting or denying wrongdoing, that resolved SEC's investigation into the financial statement matters that were the subject of the independent investigation conducted by the Audit Committee of the company's Board of Directors.
BZH closed Monday's regular trading session at $5.14, down $0.35 or 6.38%, on a volume of 5.11 million shares.
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