Singularity Future Technology settles with SEC over financial misstatements.
This settlement marks a significant step for the company in addressing its past accounting challenges and moving forward with strengthened financial governance. The news comes after the initial amendment of the company's 2021 Form 10-K and 2021 Form 10-Qs, collectively known as the "Restatements," which aimed to correct the financial misstatements. For investors monitoring SGLY's recovery, InvestingPro offers 13 additional investment tips and comprehensive financial metrics to evaluate the company's progress toward sustainable growth. For investors monitoring SGLY's recovery, InvestingPro offers 13 additional investment tips and comprehensive financial metrics to evaluate the company's progress toward sustainable growth. The SEC's investigation, which stemmed from the company's previously reported accounting errors, has concluded with a Cease-and-Desist Order and a civil penalty.
This settlement marks a significant step for the company in addressing its past accounting challenges and moving forward with strengthened financial governance. The news comes after the initial amendment of the company's 2021 Form 10-K and 2021 Form 10-Qs, collectively known as the "Restatements," which aimed to correct the financial misstatements. For investors monitoring SGLY's recovery, InvestingPro offers 13 additional investment tips and comprehensive financial metrics to evaluate the company's progress toward sustainable growth.
To resolve the matter, Singularity Future Technology has agreed to pay a $350,000 fine and undertake measures to correct its material weaknesses in internal controls and disclosure deficiencies by June 30, 2026. Additionally, the company is required to cease and desist from committing any future violations of specific sections of the Securities Exchange Act of 1934, including those related to financial reporting, accounting, books and records, and internal controls.
The SEC's Cease-and-Desist Order outlines the terms of the settlement, which can be accessed on the SEC's website for full details. Singularity Future Technology is listed on The Nasdaq Stock Market LLC under the trading symbol SGLY.
This settlement marks a significant step for the company in addressing its past accounting challenges and moving forward with strengthened financial governance. The news comes after the initial amendment of the company's 2021 Form 10-K and 2021 Form 10-Qs, collectively known as the "Restatements," which aimed to correct the financial misstatements.
The information for this article is based on a press release statement.
In other recent news, Singularity Future Technology Ltd. has undergone significant leadership changes. The company reported that Ziyun Liu has resigned from his roles as CEO and chairman of the board due to personal reasons. In response to this, Jia Yang, previously a vice president and board director, has been appointed as the new CEO and chairwoman of the board. In addition to this, Jinhao Pang, a former software engineer at Yisa Technology Co., Ltd., has been named the manager of the Technology Department and an executive director of the board. These recent developments reflect a reshuffling of the executive team at Singularity Future Technology. It is important to note that there are no familial ties between Pang and any other officers or directors of the company, ensuring an independent and unbiased executive board. These changes come as a part of the company's continuous efforts to adapt and progress.
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