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SEC Charges School District and its Underwriter for Continuing Disclosure and Due Diligence Failures

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July 30, 2013
Client Alert

On July 29, 2013, in the first case of its kind, the Securities and Exchange Commission charged West Clark Community Schools, an Indiana school district, with falsely stating in an official statement that the school district was fully compliant with its duty to provide annual financial reporting and material event notices as required by prior continuing disclosure undertakings. The SEC further charged City Securities Corporation, the school district’s underwriter, with failing to conduct sufficient due diligence to determine if the school district’s representations were true.

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