SEC requests an extension until November 30, 2023 to submit plan on being paid.
In the Order, the Commission found that BBPLC failed to put into place any internal control around the real-time tracking of securities being offered or sold off of its Commission-registered shelf registration statements. As a result of this failure, between June 26, 2019 and March 9, 2022, BBPLC offered and sold an unprecedented amount of securities— cumulatively totaling approximately $17.7 billion—in excess of what it had registered with the Commission, in violation of Sections 5(a) and 5(c) of the Securities Act. In connection with the over-issuances and internal control failure, BPLC and BBPLC restated their year-end 2021 audited financial statements filed with the Commission.
In its request for an extension of time, the Division states that additional time is needed to engage a third-party to assist with some of the administrative tasks of implementing the distribution, develop the distribution methodology, and prepare the proposed plan of distribution.