CtW Investment Group calls on the Command Security to explain serious deficiencies in insider reporting
Concerns involve 32 transactions, dating as far back as 2005, involving 11 people, including current and former CEOs
WASHINGTON, Sept. 6, 2012 /PRNewswire/ -- In a recent letter, the CtW Investment Group called on Command Security Corporation (NYSEAMEX: MOC) to explain serious deficiencies in its insider stock ownership and transactions reporting that Command recently disclosed.
Command found that late reports were filed for 32 transactions, involving eleven reporting persons, including Command's current and former CEOs. The transactions dated as far back as 2005 and five initial statements of beneficial ownership were not filed when the officers/directors became reporting persons, as long ago as 2009.
The Group asks that Command explains:
- why it did not comply with the SEC's insider reporting requirements;
- the scope of reviews performed by Command between 2006 and 2011; and
- the measures Command has taken to promote future compliance.
The CtW Investment Group writes that the "substantial lapse in reporting" is alarming because failing to report insider transactions in a timely way deprives investors and potential investors of useful information. The Group also states "that a large number of reports went un-filed and the non-compliance was undetected for an extended period of time raise serious concerns regarding the adequacy of Command's controls and procedures."
The CtW Investment Group works with pension and benefit funds sponsored by unions affiliated with Change to Win, which collectively hold over $200 billion in assets.
The letter can be found at http://www.scribd.com/doc/105139826/CtWIG-Command-Security-Corporation.
SOURCE CtW Investment Group
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