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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Charter Communications Inc New | NASDAQ:CHTR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
11.62 | 4.40% | 275.55 | 267.00 | 350.00 | 277.49 | 262.02 | 264.05 | 1,778,298 | 05:00:01 |
By Mark Maurer
Charter Communications agreed to pay $25 million to settle the Securities and Exchange Commission's claims that the cable giant violated rules around internal accounting controls when it issued stock buybacks that weren't authorized by its board.
The SEC on Tuesday said Charter repeatedly used trading plans that didn't adhere to SEC rules. From 2017 to 2021, the company used plans that featured provisions allowing it to change the total dollar amounts available to buy back stock and to change the timing of buybacks after the plans took effect, the SEC said.
Charter had insufficient internal accounting controls, specifically lacking in the ability to analyze whether the discretion the provisions gave executives to alter its trading was consistent with the board's authorizations, the regulator said.
"Charter's share repurchase plans were well documented, and were fully disclosed as well as properly accounted for in Charter's financial statements," the company said in a statement. Charter said it cooperated with the SEC's probe and remains committed to its share buyback program.
SEC commissioners Hester Peirce and Mark Uyeda criticized the SEC's claims, saying they represent inappropriate extensions of the regulator's authority.
Write to Mark Maurer at mark.maurer@wsj.com
(END) Dow Jones Newswires
November 14, 2023 18:22 ET (23:22 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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