Gagnon Securities, Llc

Allegations: ON SEPTEMBER 10, 2014 NEIL GAGNON CONSENTED TO THE ENTRY OF AN ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS ("ORDER") BY THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "SEC"). IN THE ORDER, THE SEC FOUND THAT MR. GAGNON FAILED TO TIMELY FILE BENEFICIAL OWNERSHIP REPORTS REQUIRED UNDER SECTION 13(D) AND SECTION 16(A) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT"). SPECIFICALLY, THE SEC ALLEGED THAT MR. GAGNON FAILED TO FILED TIMELY AMENDMENTS TO ITS SCHEDULES 13G'S AND CONTINUED TO FILE AS A PASSIVE INVESTOR ON A SCHEDULE 13G, DESPITE OWNING IN EXCESS OF 20% OF THE OUTSTANDING VOTING SECURITIES OF A PARTICULAR ISSUER, THEREBY REQUIRING A SCHEDULE 13D FILING AND SUBSEQUENT AMENDMENTS. FURTHER, MR. GAGNON FAILED TO MAKE TIMELY REPORTS ON FORMS 4 AND 5 TO IN ACCORDANCE WITH SECTION 16(A) OF THE EXCHANGE ACT. WITHOUT ADMITTING OR DENYING THE SEC'S FINDINGS, MR. GAGNON AGREED TO CEASE AND DESIST FROM FUTURE VIOLATIONS OF SECTIONS 13(D) AND 16(A) OF THE EXCHANGE ACT AND RULES 13D-1, 13D-2 AND 16A-3 THEREUNDER, AND TO PAY A CIVIL MONETARY PENALTY OF $75,000. Status: Final Summary: WITHOUT ADMITTING OR DENYING THE VIOLATIONS, NEIL GAGNON CONSENTED TO THE ENTRY OF AN SEC ORDER FINDING THAT MR. GAGNON FAILED TO MAKE TIMELY FILINGS IN ACCORDANCE WITH SECTIONS 13(D) AND 16(A) OF THE SECURITIES EXCHANGE ACT OF 1934. NEIL GAGNON SUBMITTED AN OFFER OF SETTLEMENT WHICH WAS ACCEPTED BY THE SEC. WITHOUT ADMITTING OR DENYING THE VIOLATIONS, MR. GAGNON WILL PAY A CIVIL MONETARY PENALTY OF $75,000. MR. GAGNON ALSO AGREED TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS OF SECTIONS 13(D) AND 16(A) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES 13D-1, 13D-2 AND 16A-3 THEREUNDER.