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Msg  2912 of 2916  at  3/31/2015 5:27:11 PM  by

JimCooper


SEC Complaint and Order on Polycom and CEO

Because ClearOne has often been compared to Polycom to gauge ClearOnes current and future performance, Im posting this information about todays series of actions the SEC has taken against Polycom and Polycoms former CEO Andrew M. Miller.

The SEC's complaint against Miller alleges that he violated the antifraud, proxy solicitation, periodic reporting, books and records and internal controls provisions of the federal securities laws. The complaint also alleges that he falsely certified the accuracy of Polycom's annual reports, which incorporated its proxy statements. The SEC's complaint against Miller alleges that he violated Section 17(a) of the Securities Act of 1933 ("Securities Act") and Sections 10(b), 13(b)(5) and 14(a) of the Securities and Exchange Act of 1934 ("Exchange Act") and Rules 10b-5, 13a-14, 13b2-1, 14a-3 and 14a-9 thereunder, and aided and abetted violations of Sections 13(a), 13(b)(2)(A) and 14(a) of the Exchange Act, and Rules 12b-20, 13a-1, 14a-3 and 14a-9 thereunder.

Below is the link to the SEC complaint filed this afternoon against Miller in the US District Court for the Northern District of California:

http://www.sec.gov/litigation/complaints/2015/comp-pr2015-53.pdf

The SEC separately charged Polycom in an administrative order finding that the company had inadequate internal controls and failed to report Miller's perks to investors. The SEC's order against Polycom found that it violated Sections 13(a), 13(b)(2)(A), 13(b)(2)(B) and 14(a) of the Exchange Act and Rules 12b-20, 13a-1, 14a-3 and 14a-9 thereunder.

Below is the link to that SEC Order issued this afternoon:

http://www.sec.gov/litigation/admin/2015/34-74613.pdf



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