Benzinga | Sep 3, 2021 09:12AM EDT

Cavco Industries Comments On SEC Complaint; Co Says Intends To 'vigorously defend itself against the allegations made by the SEC in the Complaint'

Cavco Industries, Inc. (NASDAQ:CVCO) ("Cavco" or the "Company") announced today that on September 2, 2021, the Securities and Exchange Commission ("SEC") filed a civil complaint in the United States District Court, District of Arizona, naming the Company and the Company's former Chairman, President & Chief Executive Officer, Joseph H. Stegmayer and the Company's former Chief Financial Officer, Daniel L. Urness as defendants (the "Complaint").



In summary, the Complaint brings claims against the Company under the antifraud and internal account control provisions of the Securities Exchange Act of 1934 based on alleged trading improprieties during the fall of 2017 resulting in an unrealized gain of $260,459 and allegedly related internal accounting control violations. The SEC seeks an injunction and monetary penalties. The Complaint may be accessed on the SEC's website at https://www.sec.gov/litigation/litreleases.htm.

The Company intends to vigorously defend itself against the allegations made by the SEC in the Complaint.