More than a year after the Atlanta-based homebuilder settled a Securities Exchange Commission investigation into its finances, Beazer Homes said in a regulatory filing today that SEC staff issued a “Wells Notice” to Ian McCarthy. A Wells Notice is a letter from the SEC staff that indicates the possibility of bringing civil action against a person or firm. The letter is intended to provide the person or firm with the change to bring forward information as to why the enforcement action should not be brought.
Beazer said that the SEC staff recommended action against McCarthy “to collect certain incentive compensation and other amounts allegedly due” under the Sarbanes-Oxley Act of 2002. The company itself is not named in the notice, but made the point that the SEC staff did not allege “any lack of due care” by McCarthy as related to the company’s financial statements or other disclosures.
Shares of Beazer, with ranged from 24 cents to $6.93 over the past year, fell 36 cents or 6.6 percent, to $5.13 in morning trading.
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