Smart Online Settles SEC Action

Law360, New York (September 28, 2007, 12:00 AM EDT) -- Smart Online Inc. has settled a U.S. Securities and Exchange Commission civil enforcement action without incurring monetary penalties. A different SEC suit, as well as criminal proceedings, is still pending against the software firm's founder and former chief executive officer.

Without admitting or denying the SEC's allegations, Smart Online on Friday consented to a final judgment in the U.S. District Court for the Southern District of New York permanently enjoining it and its employees from violating federal securities laws, according to Smart Online.

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