Healthcare Services Group, Inc. Announces Conclusion of SEC Matter
August 24 2021 - 9:20AM
Business Wire
Healthcare Services Group, Inc. (NASDAQ:HCSG) (the “Company”)
today announced it has entered into a settlement with the
Securities and Exchange Commission (the “SEC”), resolving a
previously reported investigation into the Company’s earnings per
share calculations from 2014 to 2017. Under the terms of the
settlement, the Company neither admitted nor denied the SEC's
charges and agreed to pay a civil monetary penalty of $6.0
million.
“This settlement reflects our cooperation in working with the
SEC to conclude this matter and enables us to continue with the
execution of our operational and growth strategies,” said Ted Wahl,
Chief Executive Officer. “The Company’s Board of Directors and
management team remain committed to maintaining strong internal
controls and adhering to best practices for compliance and
corporate governance. We are pleased to put this matter behind
us.”
The Company also announced that John C. Shea, who had served as
the Company’s Chief Financial Officer since 2012, has been
appointed Chief Administrative Officer and will transition to that
role effective September 1, 2021. In his position as Chief
Administrative Officer, Mr. Shea will continue to support the
Company’s growth initiatives, operational imperative and capital
allocation strategy. Andrew Brophy, a Certified Public Accountant,
who has served as the Company’s SEC Reporting Manager from January
2018 to November 2020, Director of Accounting since November 2020,
and Acting Principal Accounting Officer since February 2021, will
continue as the Company’s Principal Accounting Officer.
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Theodore Wahl President and Chief Executive Officer Matthew J.
McKee Chief Communications Officer 215-639-4274
investor-relations@hcsgcorp.com
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