Stein Mart, Inc. Announces Settlement With Securities and Exchange Commission
September 22 2015 - 1:16PM
Stein Mart, Inc. (NASDAQ:SMRT) today announced that it has reached
a settlement with the Securities and Exchange Commission ("SEC") in
connection with the previously disclosed SEC investigation into the
Company's restatement of its financial results for the first
quarter of fiscal year 2012, all reporting periods in fiscal year
2011 and its annual reporting period in fiscal year 2010, and
change in auditors.
In an administrative proceeding, the SEC found that the Company
had violated the reporting, books and records, and internal
controls provisions of the Securities Exchange Act of 1934 during
the restatement period and ordered the Company to cease and desist
from committing or causing any violations and any future violations
of such SEC rules. The Company agreed to the settlement without
admitting or denying the findings of the SEC and also agreed to pay
a civil monetary penalty of $800,000. The Company previously
established a reserve for the potential settlement of this matter
which will not require significant adjustment in the third quarter
of 2015.
The SEC did not allege fraud by the Company and did not bring
charges against any individual. In connection with the settlement,
the SEC considered remedial acts undertaken by the Company,
including its enhancement of internal controls, retention of
additional accounting personnel, and the Company's cooperation with
the SEC staff during the course of the investigation.
About Stein Mart
Stein Mart stores offer the fashion merchandise, service and
presentation of a better department or specialty store, at prices
competitive with off-price retail chains. Currently with locations
from California to Massachusetts, as well as steinmart.com, Stein
Mart's focused assortment of merchandise features current season,
moderate to better fashion apparel for women and men, as well as
accessories, shoes and home fashions.
SMRT-F
Additional information about Stein Mart, Inc. can
be found at www.steinmart.com
CONTACT: For more information:
Linda L. Tasseff
Director, Investor Relations
(904) 858-2639
ltasseff@steinmart.com
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