sec posts

Publisher Southpeak Games has announced that it has settled a dispute that came up in November 2010 with the US Securities and Exchange Commission. At that time the company announced that the SEC had tried to file a to issue a cease and desist order against Southpeak, alleging that the company violated the SEC's rules for revealing company details in Southpeak's first quarter 2009 financial report."

This week the company announced that it has reached a settlement with the SEC with its CEO Melanie Mroz stating that in the end it felt that it was best, " ... to negotiate an acceptable settlement that does not require us to admit any wrong-doing and close this chapter as we constantly strive to improve our processes, systems and personnel to meet our obligations as a public company."

At the moment the only announced game that is due out from Southpeak Games is the PC exclusive RTS game Stronghold 3.

A little while ago we reported on a story that stated publisher Southpeak Games was under the scrutiny of the US Securities and Exchange Commission. Today we received a statement from Southpeak Games that clarifies its position on this current situation with the SEC.

As we reported, the SEC is looking into allegations that Southpeak Games violated the SEC's rules for revealing company details in the first quarter 2009 financial report. Soutpeak's statement, which can be read in full after the jump, gives its version of the events and also on whether the company's now former chief financial officer Reba McDermott is planning to file a lawsuit against Southpeak Games.