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In the Matter of Grupo Simec S.A.B. De C.V.

Exchange Act Release No. 84996 (2019)

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In the Matter of Grupo Simec S.A.B. De C.V.

United States Securities and Exchange Commission
Exchange Act Release No. 84996 (2019)

Facts

Grupo Simec S.A.B. de C.V. (Simec) (defendant) was a publicly traded company. Simec filed a Form 10-K with the Securities and Exchange Commission (SEC) each year over a period of 10 years. In each year, Simec disclosed material weaknesses in the company’s internal-accounting controls and shortcomings in the supervision of the reporting of Simec’s financial information. Simec also disclosed that management failed to remedy the accounting and reporting deficiencies. Simec hired a regulatory consultant to try to remedy the deficiencies, but the deficiencies continued to exist. The SEC commenced an enforcement action against Simec.

Rule of Law

Issue

Holding and Reasoning ()

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