KMG Chemicals Announces Settlement With SEC; To Pay Civil Penalty Of $150,000

(RTTNews) - KMG Chemicals Inc. (KMG), a provider of specialty chemicals to select markets, announced that it had entered into a settlement with the U.S. Securities and Exchange Commission concerning late filings of beneficial ownership changes by certain of the Company's officers and directors.

KMG's settlement was part of an enforcement action undertaken by the SEC against numerous officers, directors, and public companies.

KMG said it agreed to pay a civil penalty of $150,000, which the company has already accrued for, and has taken appropriate steps to ensure ongoing compliance with filing deadlines.

During 2010-2013, one of KMG's directors sold shares in more than 250 individual transactions over 30 months under publicly disclosed Rule 10b5-1 plans. A small percentage of those transactions were reported late by the Company on behalf of the director, usually by only a few days.