Hansen Medical Announces Settlement of SEC Investigation; No Penalties, Injunction or Charges Against Directors or Current Officers
Hansen Medical, Inc. (NASDAQ: HNSN) today announced that it has entered into a settlement with the United States Securities and Exchange Commission that fully resolves the SEC investigation of the Company relating to the issues surrounding the restatement of its financial statements that was first reported in October 2009. Under the settlement, the Company has consented to the entry of an administrative order, released today by the SEC. The SEC's Order does not impose a monetary penalty or fine on the Company and does not subject the Company to an injunction.
The Company consented to the entry of the Order without admitting or denying the factual findings or legal conclusions contained in the Order. The SEC did not charge any of the Company's directors or current officers or employees with any violations. The Order directs the Company to cease and desist from committing or causing violations of the disclosure, periodic reporting, books and records and internal control provisions of the federal securities laws in Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934 ("Exchange Act") and under Rules 12b-20, 13a-1 and 13a-13 promulgated under the Exchange Act. In accepting the settlement, the SEC recognized the Company's remedial actions, including the change of personnel since the events relating to the restatement surfaced, and the substantial cooperation the Company provided in connection with the SEC investigation.
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