SEC Provides Relief to Registrants Affected by BF Borgers Suspension
Lucosky Brookman is actively monitoring the recent developments regarding the Securities and Exchange Commission's (SEC) permanent suspension of BF Borgers CPA PC and its owner, Benjamin F. Borgers, from appearing and practicing before the Commission as an accountant. We understand that this situation may have significant implications for our clients and other registrants who previously retained BF Borgers for auditing or reviewing financial information included in their SEC filings.
In response to this situation, the SEC has issued an exemptive order providing additional time for certain registrants affected by the BF Borgers suspension to file their quarterly and transition reports on Form 10-Q. This relief is available to issuers that have filed a timely Form 12b-25 notifying the Commission of their inability to file a report on a timely basis.
The SEC's order recognizes the need for affected registrants to engage a new, qualified, independent, PCAOB-registered public accountant to audit or review their financial information. The additional time provided by the exemptive order will allow these registrants to ensure that their financial information complies with the requirements of the federal securities laws.
Our firm is committed to guiding our clients through this process and assisting them in engaging new auditors and meeting their SEC filing obligations. If you have any questions or concerns about how the BF Borgers suspension may impact your company, please do not hesitate to contact our securities law team for personalized advice and support.
We will continue to closely monitor any further developments related to this matter and provide updates as necessary to ensure our clients remain informed and prepared to navigate any challenges that may arise.