![](https://investorshub.advfn.com/uicon/42879.png?cb=1511430702)
Wednesday, September 27, 2023 9:28:05 AM
The Securities and Exchange Commission today filed a complaint against Intrusion Inc. ("Intrusion") for making false and misleading statements in 2020 and 2021, primarily through its former CEO, regarding the company's purported success in marketing a cybersecurity product, the terms of multiple contracts, and the background and experience of its former CEO. Intrusion has agreed to settle the SEC's charges.
The SEC's complaint alleges that from May 2020 through May 2021, Intrusion made materially false and misleading statements in press releases, earnings calls, interviews, and other public statements. As alleged in the complaint, Intrusion overstated its success in marketing Intrusion Shield, a new cybersecurity product, by falsely representing that most or nearly all beta-testing participants had converted to paying customers, when in fact less than half of such participants became paying customers. In addition, the SEC alleges that Intrusion misled investors about three customer relationships by omitting material information about the economic terms of one contract, prematurely claiming that a second contract had been executed, and falsely claiming that a third customer had signed a contract when it had not. Finally, the complaint alleges that Intrusion made misleading statements about the qualifications, experience, and accomplishments of its former CEO.
The SEC's complaint, filed in U.S. District Court for the Eastern District of Texas, charges Intrusion with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder and Section 17(a) of the Securities Act of 1933, and the current reporting and disclosure controls and procedures provisions of Section 13(a) of the Exchange Act and Rules 13a-11 and 13a-15(a) thereunder. The SEC seeks permanent injunctions against Intrusion. Without admitting or denying the SEC's allegations, Intrusion has agreed to settle the matter by consenting to the entry of a final judgment that addresses all charges and relief sought by the SEC. The settlement is subject to court approval.
The SEC's investigation was conducted by staff of the SEC's Fort Worth Regional Office, including Melvin Warren, and supervised by Nikolay V. Vydashenko and Eric R. Werner. The SEC's litigation is being conducted by Jason Rose and supervised by B. David Fraser. The investigation is ongoing.
https://www.sec.gov/litigation/litreleases/lr-25854
SEC Complaint:
https://www.sec.gov/files/litigation/complaints/2023/comp25854.pdf
To bite the worm of incite is to bite the HOOK of the antagonist . They win .
Recent INTZ News
- Form S-1 - General form for registration of securities under the Securities Act of 1933 • Edgar (US Regulatory) • 07/19/2024 08:17:29 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 07/15/2024 11:44:32 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/05/2024 12:22:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/16/2024 08:02:35 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/15/2024 08:01:27 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/15/2024 06:49:31 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/14/2024 08:03:31 PM
- U.S. Index Futures on the Rise, Oil Prices Show Stability • IH Market News • 03/26/2024 11:21:42 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/06/2024 09:15:56 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/21/2024 01:05:15 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/20/2024 08:33:03 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/13/2024 11:31:59 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 02/09/2024 09:09:10 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/05/2024 11:33:05 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/31/2024 01:31:33 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 01/25/2024 09:50:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/24/2024 08:43:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/24/2024 08:42:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/09/2024 09:01:31 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/22/2023 09:01:12 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 12/22/2023 05:15:25 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/21/2023 09:05:17 PM
- Form S-1/A - General form for registration of securities under the Securities Act of 1933: [Amend] • Edgar (US Regulatory) • 12/20/2023 10:21:43 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/14/2023 09:05:45 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 11/13/2023 10:51:09 PM
Greenlite Ventures Completes Agreement with No Limit Technology • GRNL • Jul 19, 2024 10:00 AM
VAYK Expects Revenue from First Airbnb Property Starting from August • VAYK • Jul 18, 2024 9:00 AM
North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton • NBRI • Jul 18, 2024 9:00 AM
Nightfood Holdings Signs Letter of Intent for All-Stock Acquisition of CarryOutSupplies.com • NGTF • Jul 17, 2024 1:00 PM
Kona Gold Beverages Reaches Out to Largest Debt Holder for Debt Purchase Negotiation • KGKG • Jul 17, 2024 9:00 AM
Avant Technologies Welcomes Back Former CEO with Eye Toward Future Growth and Expansion • AVAI • Jul 17, 2024 8:00 AM