TheStreet Announces SEC Settlement of '08, '09 Accounting Issues
TheStreet, Inc. (Nasdaq: TST), a leading digital financial media company, today announced that it had reached a settlement with the United States Securities and Exchange Commission (SEC), without admitting or denying allegations of any wrongdoing, which concludes the SEC's investigation of accounting issues at TheStreet. This settlement relates to accounting matters in 2008 and 2009. TheStreet has previously corrected for the effects of these matters in financial statements filed with the SEC in February 2010. No further corrections are required. Under the terms of the settlement, TheStreet is not required to pay any monetary penalty and agrees to comply with the federal securities laws.
"This settlement relates to accounting matters in 2008 and 2009 regarding our former Promotions.com subsidiary, which was sold in December 2009, and involved three former executives. TheStreet cooperated with the SEC over the course of its investigation, and we conducted our own comprehensive review in conjunction with the investigation. Upon learning of the irregularities, we promptly reported the matter to the SEC. Under the terms of the settlement, TheStreet is not required to pay any monetary penalties. We are pleased to put this matter behind us," said Elisabeth DeMarse, TheStreet's CEO. "We are committing to adhering to the highest standards of accounting and corporate governance."
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