|Audit Intelligence

Casella Waste Systems : Material omissions in the sale of municipal securities

Casella Waste Systems Inc. (CWST)
 

This matter involves material omissions by the company in the sale of municipal securities. Specifically, in certain official statements

for municipal securities, the company failed to disclose that it had not been in material compliance with a prior agreement to provide
continuing disclosure. The company was an obligated person responsible for making the continuing disclosure and for the material omissions in the official statements . As such, SEC determined that the company violated Section 17(a)(2) of the Securities Act.
 
The violations  were self-reported by the company to the Commission pursuant to the Division of Enforcement’s (the “Division”) Municipalities Continuing Disclosure Cooperation Initiative.
 
The company agreed to cease and desist from committing or causing any violations and any future violations.
 
To read more:
https://www.sec.gov/litigation/admin/2016/33-10137.pdf