In an apparent renewed effort to highlight disclosure requirements relating to investor communications, earlier this week the Securities and Exchange Commission settled its second FD enforcement action in the past six months. In the action settled this week, the SEC alleged that Presstek, Inc. had violated Regulation FD and Section 13(a) of the Securities Exchange Act of 1934, and that its former chief executive officer had aided and abetted the violations.

The SEC’s recent action emphasizes the importance of reviewing and updating disclosure controls and procedures to ensure that an intentional selective disclosure of material nonpublic information is simultaneously disclosed to the public. The Presstek matter also reiterates the importance of Regulation FD education for any person acting on behalf of an issuer, particularly with respect to interactions with the investment community, and “re-education” on the ramifications of Regulation FD violations.