In its latest 8-k filing, (hat tip: MortgageDaily.com [paid]) New Century provides further insight in to the SEC probe of its accounting and other practices. The filing also highlights all of the repurchase and purchase agreement cancellations of its institutional lenders.
It appears that they have been subpoenaed for documents.
On March 12, 2007, the Company received a letter from the staff of the Pacific Regional Office of the Securities Exchange Commission stating that the staff was conducting a preliminary investigation involving the Company and requesting production of certain documents. The staff of the SEC had also previously requested a meeting with the Company to discuss the events leading up to the Companyâ??s previous announcement of the need to restate certain of its historical financial statements. The Company intends to cooperate with the requests of the SEC.
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