The acquisition by Smuckers also ends Hostess’s seven-year run as an independent, publicly-traded company. In 2016, Hostess went public through a merger with a SPAC.
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Latest SPAC News: SEC charges Marcum employee over audit quality control issues and J.M. Smucker to buy Hostess Brands in $5.6B deal
US SEC charges Marcum employee over audit quality control issues
The U.S. Securities and Exchange Commission on Tuesday said it has charged a former national office leader at audit firm Marcum LLP over quality control failures, the regulator said in a statement.
The SEC said Alfonse Gregory Giugliano, a certified public accountant, failed to sufficiently address and remediate deficiencies in the firm’s quality control system. In his role as a National Assurance Services Leader, he was aware of numerous deficiencies in Marcum’s quality control system, the SEC said.
The SEC in June charged marcum with a $10 million penalty for standards violations related to its audit work for hundreds of special purpose acquisition companies, or SPACs.