© Reuters. Charter Communications settles SEC costs for $25 million over unauthorized inventory buybacks
Charter Communications (NASDAQ:) has settled with the U.S. Securities and Exchange Commission (SEC), agreeing to a $25 million cost over costs regarding unauthorized inventory buybacks, the regulator stated at this time.
Between 2017 and 2021, Charter applied a provision altering the quantity and timing of inventory repurchases after the plans took impact, which ran afoul of the SEC guidelines for such plans. These provisions have been a part of 9 separate pre-approved buying and selling packages throughout this four-year interval.
The SEC’s order highlighted that whereas Charter’s board had permitted particular buybacks beneath SEC Rule 10b5-1, which provides safety to corporations and people from insider buying and selling legal responsibility, it requires that the corporate not alter the buyback plans after adopting the buying and selling plan.