SEC Targets Tri-Valley After Earnings Restatements

Law360, New York (February 8, 2012, 9:20 PM EST) -- California oil and gas exploration company Tri-Valley Corp. received a subpoena from the U.S. Securities and Exchange Commission after revealing in October that the values of certain stocks it issued in 2010 were overstated by $6.5 million, according to a regulatory filing Wednesday.

Tri-Valley said the agency was seeking documents and data from 2002, including detailed information about the company's financial situation, its operations and transactions, in order to investigate possible securities law violations.

Saying the investigation is a nonpublic fact-finding inquiry, Tri-Valley did not indicate...
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