LAWSUITS NEWS & LEGAL INFORMATION
Tidewater Inc.
New Orleans, LA: (May-25-07) The US Securities and Exchange Commission brought charges against New Orleans-based Tidewater Inc., following an investigation that revealed Tidewater improperly reviewed depreciation estimates for some of its vessels and inaccurately disclosed the active status of those vessels, among other internal controls.
The impairment charge resulted in a settlement in which Tidewater Inc. offered to pay $26.5 million to end the probe. The tentative settlement drafted between the company and the SEC's Miami enforcement staff would order the company to cease and desist from future disclosure violations without admitting or denying the allegations. Tidewater, which owns a fleet of 463 vessels, adopted new asset-impairment policies in 2005 as it conducted its own internal review of the matter. [TIMES PICAYUNE: TIDEWATER VESSLES]
Published on May-28-07
The impairment charge resulted in a settlement in which Tidewater Inc. offered to pay $26.5 million to end the probe. The tentative settlement drafted between the company and the SEC's Miami enforcement staff would order the company to cease and desist from future disclosure violations without admitting or denying the allegations. Tidewater, which owns a fleet of 463 vessels, adopted new asset-impairment policies in 2005 as it conducted its own internal review of the matter. [TIMES PICAYUNE: TIDEWATER VESSLES]
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