SEC addresses the rules of the road. So yes. They can do a lot post BK. Most critically, assessing personal fines on the directors and principals. AND they can find Avaya for misleading marketing statements.
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Avaya blew off more filings
If they'd spend any time on filing regulated required reports, instead of taking down comments about an employee who is a liability, then maybe they wouldn't be in this situation!
It's the SEC who regulates them...
The NYSE delisting is a response to them violating SEC rules. (And for being under $1 for extended period of time). It can take 6 mos total for NYSE...
Yet Avaya will likely delist sooner b/c of it being devalued
They must file 10k by end of Jan or the courts will force BK, and even Apollo loses
If they go bankrupt, shareholders are wiped out which results in delisting. This is the biggest threat NYSE has, so bankruptcy beats them to the punch. If no bankruptcy by February 15th, the NYSE could push for delisting or give Avaya an extension to comply. I do not know if there are any SEC repercussions post-bankruptcy.