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All tag results for securities and exchange commission

American Apparel May File For Chapter 11

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It looks like American Apparel is finally coming to terms with their crappy financial situation.

The scandal-plagued company said in their filing with the SEC on Thursday, they "may need to voluntarily seek protection under Chapter 11 of the U.S. Bankruptcy Code" if cash flow doesn't improve.

AA went on to add they may be forced to liquidate if they can't come up with a reorganization plan or find bankruptcy financing.

Bummer.

[Image via AP Images.]

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Sketchy, Sketchy Facebook!

Filed under: Icky Icky PooBusiness Blitz

facebook sketchiness

It's complicated between The Securities and Exchange Commission (SEC) and Facebook.

According to reports, the SEC is reviewing whether or not Facebook is going against financial disclosure laws, following their sketchy $500 million investment deal with Goldman Sachs and Russian investor Digital Sky Technologies.

The SEC will make a decision as to whether they need to create new disclosure rules for private firms such as Facebook.

New Yorker investment writer John Cassidy is concerned because he believes that Goldman Sachs and Facebook are trying to avoid having to publicly report their financials by raising $1.5 billion from multiple investors, but treating them as one.

Given the fact that companies with more than 500 investors must publicly report their financials, Goldman and Facebook seem to have found a loophole, which will allow them to keep secrets from the public.

SO sketch!

Thoughts???

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Auditors Claim American Apparel Withheld Financial Info

Filed under: Dov CharneyAmerican Apparel

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And the saga continues.

American Apparel's former auditors have fired off a letter to the Securities and Exchange Commission notifying them about the clothing company's filings for the 2009 financial year.

According to Deloitte & Touche, who abruptly resigned as AA's accounting firm in July, their reports can't be trusted because Dov Charney and the other execs withheld financial information.

That can't be good.

American Apparel has already released a statement saying D&T's claims aren't true, but we wouldn't be surprised if the SEC does a little investigation next year.

[Image via Getty Images.]

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More Losses For American Apparel

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Will there ever be good news for American Apparel?

The troubled clothing company submitted their 3rd quarter results to the SEC on Tuesday, and just like the quarter before they posted a loss.

AA reported net sales were down $9.5 million between the months of July and September due to increased production costs.

OK, whatever you say Dov.

[Image via AP Images.]

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American Apparel Finally Hands Over Their 2nd Quarter Results

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Took 'em long enough!

After months of delays, American Apparel handed over their not so shocking second-quarter results to the SEC on Monday.

According to the report, AA had a loss of $14.7 million and "may not have sufficient liquidity necessary to sustain operations for the next 12 months."

Ouch.

The report goes on to say it's "probable that beginning Jan. 31, 2011, the company will not be in compliance with the minimum consolidated EBIT covenant…".

In other words, American Apparel doesn't think they'll earn the $20 million they said they would in their newest agreement with Lion Capital.

Double ouch!

Dov Charney & Co are working to make amendments so they'll remain in compliance, however there's "substantial doubt that the company will be able to continue as a going concern."

Yikes.

Better stock up on your generic clothes now!

[Image via AP Images.]

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