www.sec.gov/litigation/admin/2023/34-97632.pdf
Source: www.sec.gov/litigation/admin/2023/34-97632.pdf
In the Order, the Commission found that BBPLC failed to put into place any internal control around the real-time tracking of securities being offered or sold off of its Commission-registered shelf registration statements. As a result of this failure, between June 26, 2019 and March 9, 2022, BBPLC offered and sold an unprecedented amount of securities— cumulatively totaling approximately $17.7 billion—in excess of what it had registered with the Commission, in violation of Sections 5(a) and 5(c) of the Securities Act. In connection with the over-issuances and internal control failure, BPLC and BBPLC restated their year-end 2021 audited financial statements filed with the Commission.
In its request for an extension of time, the Division states that additional time is needed to engage a third-party to assist with some of the administrative tasks of implementing the distribution, develop the distribution methodology, and prepare the proposed plan of distribution.
The order itself: www.sec.gov/litigation/admin/2023/34-97221.pdf
Post about the order: www.reddit.com/r/Superstonk/comments/126pal2/sec_alert_administrative_proceedings_for_barclays/
In addition, due to its failure to establish any internal control to track the amount of securities that were offered or sold on a real-time basis, beginning on or around January 28, 2021, BBPLC offered and sold securities in excess of what was registered on the 2019 Shelf.
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