Posts tagged Port Authority of New Jersey.
The Port Authority of New York and New Jersey has admitted wrongdoing and agreed to pay a $400,000 penalty to settle SEC charges that it failed to adequately disclose project risks to investors purchasing $2.3 billion in bonds to fund the Pulaski Skyway. The settlement includes additional remedial measures.
The Authority's internal discussions raised substantial doubts about the project's lawful authorization, and risks of bondholder challenges. Yet, the issuer's offering documents made no mention of those risks and represented the proceeds would be used for projects ...
Posted in: SEC
Tags: burr and forman, burr forman, Port Authority of New Jersey, Port Authority of New York, Pulaski Skyway, SEC, securities litigation, Securities Litigation & Arbitration