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SEC Issues Exemptive Order Providing Additional Time for Former Clients of BF Borgers to File 10-Q

On May 3, 2024, the U.S. Securities and Exchange Commission (SEC) entered an order instituting settled administrative and cease-and-desist proceedings against BF Borgers CPA PC. The order prohibits BF Borgers from practicing before the commission as an accountant, and, therefore, BF Borgers may not audit or review financial information included in SEC filings.

Because of when the order was issued, many registrants who had previously engaged BF Borgers as their auditor have been unable to timely file quarterly reports on Form 10-Q for the quarter ending March 31, 2024. In light of that, the SEC has provided an additional period of time for filing such reports for those registrants that previously engaged BF Borgers. Pursuant to the order, for any registrant that, on or after May 3, 2024, and on or prior to May 16, 2024, notified the SEC pursuant to Rule 12b-25 of its inability to timely file a quarterly or transition report on Form 10-Q, the subject quarterly report or transition report on Form 10-Q will be deemed to be timely filed if it is filed no later than the thirtieth calendar day, instead of the fifth calendar day, following the prescribed due date.

SEC Issues Exemptive Order Providing Additional Time for Certain Registrants to File Quarterly Reports in Light of BF Borgers Permanent Suspension


corporate, corporate & finance, corporate governance