“The investing community expects that when companies choose to provide public financial projections, there is a reasonable basis underpinning those projections,” said Antonia Chion, associate director in the SEC’s enforcement division. “When a company ignores red flags or takes steps to make public financial projections inaccurate, we will take appropriate action.”
Without admitting or denying the findings, Sonus, which following a merger conducts business as Ribbon Communications Inc., Greenquist and Swade agreed to settle the charges and were ordered to pay penalties of $1.9 million, $30,000 and $40,000, respectively.
