BUCA and SEC Reach Settlement Agreement.MINNEAPOLIS -- BUCA BUCA Blue Cross, United, Cigna, Aetna (Healthcare providers) BUCA Constructionman Apprentice, Builder Striker (Naval Rating) , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BUCA) announced today that the Securities and Exchange Commission (SEC) simultaneously commenced and settled with BUCA a lawsuit alleging violations of federal securities laws. The lawsuit and settlement relate to the SEC Enforcement Division's investigation of certain accounting practices and other actions by former BUCA officials. Pursuant to the terms of the Consent filed with the Court for its approval, BUCA agreed, without admitting or denying any wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do , to
be enjoined from future violations of the securities laws. The company
was not required to pay any monetary fine in connection with the
settlement.
Wallace B. Doolin, the company's Chairman and Chief Executive Officer, commented, "We have cooperated fully with the SEC and we believe that the investments we made in systems, processes and infrastructure over the past several years have allowed us to reach this settlement, which will have no additional financial impact to the company." Since Doolin and the new management team took over at BUCA in late 2004 and early 2005, the company has made a variety of changes to improve the company's processes and procedures. These include: replacing virtually the entire senior management team; strengthening the company's accounting organization; adopting numerous policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental ; purchasing and implementing a new financial accounting software system; and engaging the Center for Ethical Business Cultures to assist with communicating the company's ethical culture. The company has also successfully remediated its previous material weaknesses in internal control over financial reporting, with no material weaknesses found in the most recent fiscal year-end review. About the Company: BUCA, Inc. owns and operates 91 highly acclaimed Italian restaurants under the name Buca di Beppo Buca di Beppo is an American restaurant chain specializing in immigrant Southern Italian food. The name roughly translates as "Joe's Basement" (Beppo is slang for Joe in Southern Italy and Buca means basement (literally it means "hole") in Italian). in 25 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . |
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