Advanced Cell Settles Registration Violation Suit

Massachusetts-based biotechnology company Advanced Cell Technology Inc.(ACTC) Dec. 23 agreed to settle Securities and Exchange Commission allegations it issued unregistered shares on 13 different occasions without qualifying for a registration exemption (SEC v. Lefkowitz).

The proposed settlement, subject to approval by the U.S. District Court for the Middle District of Florida, would enjoin Advanced Cell from future violations of the 1933 Securities Act and the 1934 Securities Exchange Act, and order it to pay over $4 million in disgorgement plus prejudgment interest, the SEC said in a release that day. It noted that the ...