Opko Health Inc. (NASDAQ: OPK) shares shot up on Friday after the firm announced that it has settled with the U.S. Securities and Exchange Commission (SEC). Both parties have agreed to resolve the action brought against Opko’s board chair and chief executive, Dr. Phillip Frost.
Without admitting or denying the SEC’s allegations, Opko agreed to an injunction from certain violations of the Securities Exchange Act of 1934. Opko has agreed to pay a $100,000 penalty and will perform certain undertakings related to the Securities Exchange Act.
Separately, Frost agreed, without admitting or denying the SEC’s allegations, to injunctions from certain violations of the Securities Act of 1933 and the Securities Exchange Act. He also agreed to pay approximately $5.5 million in penalty, disgorgement and prejudgment interest. There is also a prohibition, with certain exceptions, from trading in penny stocks.
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Frost commented:
We have reached agreement with the SEC that will end a potentially expensive, contentious and time-consuming litigation and I am happy that we can focus on an exciting and productive 2019 for OPKO Health.
Shares of Opko were last seen up 13% at $2.86, with a 52-week range of $2.33 to $6.40. The stock has a consensus analyst price target of $10.00.
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