SouthPeak Settles Pending SEC Investigation

SouthPeak settles pending claims against the company from 2009.

SouthPeak Interactive has announced they have settled a pending investigation with the Securities and Exchange Commission. The investigations were as a result of a SEC filing for the quarter ending March 31, 2009 which did not properly reflect a recent financial transaction.

SouthPeak CEO Melanie Mroz had the following to say,

"We determined to settle the investigation in order to move forward with our business without further distraction from the investigation.  We are fully cognizant that the need to restate our March 31, 2009 financial statements resulted from inadequate controls and procedures that have since been corrected.  After we discovered the errors in our financial statements, we did everything we could to promptly rectify the situation.  We fully cooperated with the SEC from the first day.  In the end, however, it made the most sense for the company and Terry to negotiate an acceptable settlement that does not require us to admit any wrong-doing and close this chapter as we constantly strive to improve our processes, systems and personnel to meet our obligations as a public company."

The SEC is a governing body in the US that oversees and regulates the securities industries.