InfoGroup sets timeframe for SEC filing
InfoGroup, formerly InfoUSA, said it would file overdue 10-K and 10-Q forms with the federal Securities and Exchange Commission by the end of July.
According to an SEC filing by InfoGroup, the company intends to file the reports by July 31 after an internal investigation is completed. The investigation is in response to an SEC investigation and shareholder lawsuit.
In response to the shareholder's litigation, the company's board of directors formed a special litigation committee on December 24, 2007. According to court papers, the five-member committee consists of “three newly appointed members” of InfoUSA's board as well as two members determined by the court to be “disinterested.” The five members of the special committee are Robin Chandra, Bill Fairfield, George Krauss, Bernard Reznicek, and Thomas Weatherford, according to a company press release.
In 2005, shareholder hedge funds Dolphin Limited Partnership and Dolphin Financial Partners filed suit in a Delaware court alleging that InfoUSA founder and CEO Vinod Gupta had spent corporate funds on personal expenses.