logo
  

SEC Charges ProPetro, Ex-CEO With Failing To Disclose Executive Perks And Stock Pledges

Texas-based oilfield services company ProPetro Holding Corp. (PUMP) and its founder and former chief Executive officer Dale Redman have agreed to settle charges that they failed to properly disclose some of Redman's executive perks and two stock pledges, the U.S.Securities and Exchange Commission said in a statement.

The SEC's order found that Redman caused ProPetro to incur $380,594 worth of personal and travel expenses unrelated to the performance of his duties as CEO. He also failed to disclose to company personnel that he had pledged all of his ProPetro stock in two private real estate transactions. During the same period, ProPetro failed to properly disclose $47,591 in additional, authorized perks it paid to Redman.

As a result of the failures, the company issued public filings that included material misstatements regarding executive perks and stock ownership, and failed to accurately record Redman's perks in its books and records.

The SEC stated that ProPetro and Redman agreed to cease-and-desist from further violations, and Redman agreed to pay a $195,046 penalty. The SEC's order notes ProPetro's significant cooperation with the agency's investigation as well as its extensive remedial efforts, which included hiring an entirely new management team with significant public company experience, hiring additional finance department personnel, installing several new directors, and developing new controls, policies, and procedures concerning perks.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
This Black Friday and the following holiday season, retailers across the United States are urged to keep up their inventory amid expected surge in shopping as majority of Americans wait till last minute to fill their baskets, according to certain studies. A new Oracle Retail survey, which was conducted last week and presented earlier this week, showed that 66 percent of consumers were less than Eagle, Idaho -based Flagship Food Group is recalling certain TJ Farms Select brand frozen cauliflower, citing the potential to be contaminated with Listeria monocytogenes, the U.S. Food and Drug Administration said. The recall involves a limited number of cases of TJ Farms Select cauliflower that comes in 16 oz. packages with lot code 2077890089 and UPC code 75544000604-3. The U.S. Food and Drug Administration has approved Takeda Pharmaceuticals Co. Ltd.'s Livtencity (maribavir) as the first drug to treat post-transplant cytomegalovirus or CMV in adults and pediatric patients. The approval is to treat patients 12 years of age and older and weighing at least 35 kilograms with post-transplant CMV infection/disease that does not respond...
RELATED NEWS
Follow RTT