SEC Issues Enforcement Action for Regulation FD Violations

On August 20, 2019, the SEC announced that it had charged TherapeuticsMD with violations of Regulation FD based on the company’s selective disclosure of material, nonpublic information to sell-side research analysts. The SEC issued a cease-and-desist order against the company and imposed a $200,000 penalty. This case represents the SEC’s first stand-alone Regulation FD action in six years and may signal a renewed focus on Regulation FD enforcement. The SEC’s press release announcing the charges is available here, and the full text of the cease-and-desist order is available here.