SouthPeak Comments on CFO Woes, SEC Troubles

December 8, 2010 -

Publisher SouthPeak issued a statement this week in response to a Cease and Desist letter it received last week from the U.S. Securities and Exchange Commission. In that statement, the publisher admitted that it had not filed its financial reports properly - related to a loan made by Chairman Terry Philips - but claimed that it was an error it later tried to correct prior to the U.S. Securities and Exchange Commission's action against the company.

"The SEC staff's inquiry was fully disclosed in our public filings and was based on the manner in which we recorded a loan during this quarter which was made by our chairman to help support our business but was not properly reported in our financial statements.

"During the investigation, we fully explained to the SEC staff that when we discovered the error in our statements, we acted promptly on our own accord with the support of our auditor and outside counsel to fully rectify the issue. The recommendation of the SEC staff resulting from this investigation is that cease and desist orders issue in which we agree to comply with our SEC filing obligations in the future.

"We are currently negotiating the exact provisions of the orders," it continued. "The SEC is not proposing that our company be prohibited from doing business as some are saying , but rather, as is the case with proceedings of like nature, the SEC is trying to assure our company's compliance in the future with our reporting obligations."

The publisher also denied that its outgoing CFO is planning to take future legal action against the company, describing her exodus as voluntary and amicable. The company made no comment on the previous CFO, Andrea Jones, who was asked to leave in August. She is suing the company for "retaliation against a whistle blower and wrongful termination" and is seeking lost wages, benefits and punitive damages. SouthPeak disputes her claims.

On a related note, SouthPeak has sold the UK rights to action-RPG Two Worlds II back to series creator TopWare Interactive, who plans to self-publish in January. The company opened up a new office in the UK this week. SouthPeak will remain the game's US and Australian publisher.

Source: GI.Biz


 
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MechaTama31I mean, of the groups being bullied here, which of the two would you refer to collectively as "nerds"?10/19/2014 - 11:30pm
MechaTama31But that's the thing, it doesn't sound to me like he is advocating bullying, it sounds like he is accusing the SJWs of bullying the "nerds", who I can only assume refers to the GGers.10/19/2014 - 11:21pm
Andrew EisenInteresting read. Unfortunately, too vague to form an opinion on but at least now I know what faefrost was talking about in James' editorial.10/19/2014 - 10:39pm
Neo_DrKefkaBreaking GameJournoPros organized a blacklist of former Destructoid writer Allistar Pinsof for investigating fraud in IndieGoGo campaign http://blogjob.com/oneangrygamer/2014/10/gamergate-destructoid-corruption-and-ruined-careers/10/19/2014 - 8:57pm
Neo_DrKefkaOnly good thing I seen come out of the Biddle incident was the fact a professional fighter offered to give 10k to an anti bullying charity for a round in the ring with Biddle.10/19/2014 - 7:49pm
Neo_DrKefkaEven after all the interviews she is still on twitter making fun of people with disabilities (Autism) yet she is a part of the crowd that is on the so called right side of history...10/19/2014 - 7:48pm
Neo_DrKefkaWhich #GameGate supports are constantly being harassed and bullied. Brianna Wu who I told everyone she was trolling GamerGate weeks ago with her passive aggressive threats was looking for that crazy person in the crowd.10/19/2014 - 7:47pm
Neo_DrKefkaI believe the problem #GamerGate has with Sam Biddle is he is apart of this blogging group that in a way hates or detests its readers. Also being apart of the crowd that claims its on the right side of history isn't helping when he is advocating bullying10/19/2014 - 7:45pm
MechaTama31Of course, I'm looking at these tweets in isolation, I don't know a thing about the guy.10/19/2014 - 7:06pm
MechaTama31If anything, the sarcastic implication seems to be that the SJW crowd is bringing back the bullying of nerds. But it's the GGers who are out for his blood? I'm lost...10/19/2014 - 7:01pm
MechaTama31I don't really get this Sam Biddle thing. The reaction to his tweets seems to be taking them at face value, but... they're tongue in cheek. Right?10/19/2014 - 7:00pm
Andrew EisenI have it. The problem, so far as I can tell, is neither of them allow me to overlay my webcam feed or text links to my Extra-Life fundraising page.10/19/2014 - 4:08pm
quiknkoldand yes, its free10/19/2014 - 4:05pm
quiknkoldshould grab Hauppauge capture. has mic support and can upload directly to youtube10/19/2014 - 4:05pm
Andrew EisenThe former.10/19/2014 - 4:00pm
quiknkoldwas it StreamEez, or the StreamEez feature in Hauppauge Capture? cause I know Capture has alot more support from the devs.10/19/2014 - 3:54pm
Andrew EisenI actually tried StreamEez last week. Flat out didn't work.10/19/2014 - 3:53pm
quiknkoldI use the Hauppauge Capture software's StreamEez. Arcsoft showbiz for recording. I just streamed a few hours of Persona 4 Golden with zero problem using the program. Xsplit is finniky when it comes to Hauppauge10/19/2014 - 3:40pm
Andrew EisenTrying to capture console games and broadcast with Open Broadcaster System because I've had technical difficulties using XSplit 3 weeks in a row.10/19/2014 - 3:37pm
quiknkoldand what are you trying to capture?10/19/2014 - 3:31pm
 

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