Friday, April 18, 2014

No. 42: Phoenix's Further Delayed Financial Statements

In my post No. 41 published April 14, I reported on the March 21 cease-and-desist order issued by the Securities and Exchange Commission (SEC) directed at The Phoenix Companies, Inc. (Phoenix) and PHL Variable Insurance Company (PHL), a wholly owned indirect subsidiary of Phoenix. The companies agreed to filing dates for their many delayed financial statements. I further reported that the first deadline in the SEC order required Phoenix to file its 10-K report for 2012 not later than Monday, March 31, and that Phoenix filed it Tuesday morning, April 1, before the market opened.

The next deadline in the SEC order was April 15, on which Phoenix was required to file its 10-Q report for the quarter ended September 30, 2012, and PHL was required to file its 10-K report for 2012. On April 15, the companies filed 8-K (material event) reports saying they expect to file the documents on or before April 25.

I asked the SEC Office of Public Affairs what happens next; a spokesperson declined to comment. I also asked Phoenix what happens next; a spokesperson declined to comment. Thus it remains to be seen what consequences, if any, will flow from Phoenix's latest failure to file financial statements in a timely manner. I plan to report further developments.
 
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