Charter Communications settles SEC charges for $25 million over unauthorized stock buybacks By Investing.com
© Reuters. Charter Communications settles SEC charges for $25 million over unauthorized stock buybacks
Charter Communications (NASDAQ:) has settled with the U.S. Securities and Exchange Commission (SEC), agreeing to a $25 million payment over charges concerning unauthorized stock buybacks, the regulator said today.
Between 2017 and 2021, Charter implemented a provision altering the amount and timing of stock repurchases after the plans took effect, which ran afoul of the SEC rules for such plans. These provisions were part of nine separate pre-approved trading programs across this four-year period.
The SEC’s order highlighted that while Charter’s board had permitted specific buybacks under SEC Rule 10b5-1, which offers protection to companies and individuals from insider trading liability, it requires that the company not alter the buyback plans after adopting the trading plan.