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SEC Takes A Closer Look At New Century

Law360 (July 6, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has stepped up its investigation into New Century Financial Corp.’s trading activity from the period before it announced sweeping financial restatements, and issued formal notice of investigation, New Century said Friday.

New Century’s disclosure of the SEC’s preliminary investigation was one of the factors that drove the subprime lender into Chapter 11 protection earlier this year. On June 21, the Commission’s Pacific Regional Office told the company’s outside counsel that the investigation was proceeding to the next level.

A formal...
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