That is not correct. The SEC's role is limited to the required disclosure under the 33 and 34 Acts. It has ZERO to do with the bankruptcy and the bankruptcy courts and how "fair" the bankruptcy is or is not. That is entirely up to the court.
Securities fraud is something else entirely. Clearly, Quiksilver's bankruptcy has nothing to do with securities fraud. Even a 10 second glance at the financial statements make that very, very obvious.
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