SEC Charges Seven Companies Over Whistleblower-Protection Violations

Dow Jones09-09

By Don Nico Forbes

The Securities and Exchange Commission reached settlements with seven companies, totaling more than $3 million, for violating rules designed to protect whistleblowers.

The U.S. government agency said the companies impeded whistleblowers from reporting potential securities law violations by requiring employees to waive their right to possible monetary rewards, breaking whistleblower protection Rule 21F-17(a).

The SEC said that under the settlements, companies Acadia Healthcare, a.k.a. Brands Holding, AppFolio, IDEX, LSB Industries, Smart for Life, and TransUnion agreed to pay individual civil penalties of between $19,500 and $1.39 million.

Each of the firms agreed not to violate this rule in the future and have taken steps to remediate the violations, it added.

"Ensuring that potential whistleblowers can communicate directly with the Commission is a critical part of the SEC's oversight mandate," said Creola Kelly, chief of the SEC's office of the whistleblower.

Write to Don Nico Forbes at don.forbes@wsj.com

(END) Dow Jones Newswires

September 09, 2024 09:47 ET (13:47 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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