WASHINGTON, Sept. 6, 2012 /PRNewswire/ -- In a recent letter,
the CtW Investment Group called on Command Security Corporation
(NYSEAMEX:MOC) to explain serious deficiencies in its insider stock
ownership and transactions reporting that Command recently
disclosed.
Command found that late reports were filed for 32 transactions,
involving eleven reporting persons, including Command's current and
former CEOs. The transactions dated as far back as 2005 and five
initial statements of beneficial ownership were not filed when the
officers/directors became reporting persons, as long ago as
2009.
The Group asks that Command explains:
- why it did not comply with the SEC's insider reporting
requirements;
- the scope of reviews performed by Command between 2006 and
2011; and
- the measures Command has taken to promote future
compliance.
The CtW Investment Group writes that the "substantial lapse in
reporting" is alarming because failing to report insider
transactions in a timely way deprives investors and potential
investors of useful information. The Group also states "that a
large number of reports went un-filed and the non-compliance was
undetected for an extended period of time raise serious concerns
regarding the adequacy of Command's controls and procedures."
The CtW Investment Group works with pension and benefit funds
sponsored by unions affiliated with Change to Win, which
collectively hold over $200 billion
in assets.
The letter can be found at
http://www.scribd.com/doc/105139826/CtWIG-Command-Security-Corporation.
SOURCE CtW Investment Group