By Don Nico Forbes


Beneficient said the U.S. Securities and Exchange Commission has concluded its investigation into the company and Chief Executive Brad Heppner, deciding not to recommend enforcement action.

As a result of the decision, the company said it requires additional time to update its annual report for the fiscal year ended March 31, and that its scheduled release on July 2 will be delayed.

Beneficient said it would give an update on the timing of the earnings release as soon as practicable.

Last June, the SEC's enforcement division sent notice to Beneficient that agency staff had made a preliminary determination to recommend filing a civil enforcement action against the company alleging violations of securities laws. Heppner also received a similar warning from the SEC, known as a Wells Notice, the company had said in a securities filing.


Write to Don Nico Forbes at don.forbes@wsj.com


(END) Dow Jones Newswires

07-02-24 0747ET