Cavco industries reports acceptance of settlement in sec action

Phoenix, sept. 23, 2022 (globe newswire) -- cavco industries, inc. (nasdaq: cvco) today announced that the united states district court for the district of arizona approved the settlement of the securities and exchange commission action against the company. the action was based on securities trading in 2017 directed by joseph stegmayer, former chief executive officer, which resulted in an unrealized gain of approximately $265,000 for the company. without admitting or denying the findings of the consent judgment, the company agreed to the imposition of an injunction against future violations of the antifraud and internal accounting control provisions of the securities exchange act of 1934 and a monetary penalty of $1.5 million.
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