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SEC Files Settled Action as to an Electric Vehicle Company, Its CEO for Allegedly Misleading Investors
WASHINGTON, July 14 -- The Securities and Exchange Commission issued the following litigation release (No. 5:26-cv-01591; N.D. Ohio filed July 10, 2026):
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Securities and Exchange Commission v. Michael W. Patterson and Battle Motors, Inc., Civil Action No. 5:26-cv-01591 (N.D. Ohio filed July 10, 2026)
On July 10, 2026, the Securities and Exchange Commission filed a settled action alleging that Battle Motors, Inc., an Ohio-based manufacturer of electric (BEV) and gas-powered vehicles, and Michael W. Patterson, Battle's CEO and Chairman, made misleading statements portraying Battle as being
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WASHINGTON, July 14 -- The Securities and Exchange Commission issued the following litigation release (No. 5:26-cv-01591; N.D. Ohio filed July 10, 2026):
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Securities and Exchange Commission v. Michael W. Patterson and Battle Motors, Inc., Civil Action No. 5:26-cv-01591 (N.D. Ohio filed July 10, 2026)
On July 10, 2026, the Securities and Exchange Commission filed a settled action alleging that Battle Motors, Inc., an Ohio-based manufacturer of electric (BEV) and gas-powered vehicles, and Michael W. Patterson, Battle's CEO and Chairman, made misleading statements portraying Battle as beingmore successful than it actually was in connection with a convertible debt offering that raised $112.5 million from two outside investors.
According to the SEC's complaint, filed in the United States District Court for Northern District of Ohio, Battle and Patterson misrepresented to investors that Battle had received 115 electric vehicle purchase orders totaling $30 million in only three months. The complaint further alleges that, in reality, however, at the time of these statements, Battle only had purchase orders for eight of the vehicles, amounting to approximately $2 million in actual sales; the rest of the projections were based on mere expressions of customer interest. The complaint further alleges that Battle and Patterson represented that Battle's dealer network comprised 180 dealers with 320 locations. At the time of these statements, however, Battle allegedly had a dealer network consisting of only 47 dealers with 156 locations.
Battle and Patterson, without admitting the allegations in the SEC's complaint, each consented to the entry of a final judgment, subject to court approval, which would permanently enjoin them from violating Sections 17(a)(2) and (3) of the Securities Act of 1933. The final judgments, if approved by the court, also would order Battle to pay a $591,127 civil penalty and Patterson to pay a $118,225 civil penalty, as well as impose a two-year officer and director bar on Patterson.
The SEC's investigation was conducted by Adam Sunstrom and Kyle Bradley under the supervision of Natalie Brunson and Justin Jeffries, with assistance from trial counsel Robert Gordon under the supervision of M. Graham Loomis, all of the SEC's Atlanta Regional Office.
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Resources
* SEC Complaint (https://www.sec.gov/files/litigation/complaints/2026/comp26585.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26585
FCC Wireline Competition Bureau Issues Public Notice: Comments Invited on Section 214 Application to Discontinue Domestic Non-Dominant Carrier Telecommunications And/Or Interconnected VOIP Services
WASHINGTON, July 14 -- The Federal Communications Commission's Wireline Competition Bureau issued the following public notice (WC Docket No. 26-163):
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Unless otherwise specified, the following procedures and dates apply to the application(s) (the Section 214 Discontinuance Application(s)) listed in the Appendix.
The Wireline Competition Bureau (Bureau), upon initial review, has found the Section 214 Discontinuance Application(s) listed herein to be acceptable for filing and subject to the procedures set forth in Section 63.71 of the Commission's rules./1 The application(s) request authority,
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WASHINGTON, July 14 -- The Federal Communications Commission's Wireline Competition Bureau issued the following public notice (WC Docket No. 26-163):
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Unless otherwise specified, the following procedures and dates apply to the application(s) (the Section 214 Discontinuance Application(s)) listed in the Appendix.
The Wireline Competition Bureau (Bureau), upon initial review, has found the Section 214 Discontinuance Application(s) listed herein to be acceptable for filing and subject to the procedures set forth in Section 63.71 of the Commission's rules./1 The application(s) request authority,under section 214 of the Communications Act of 1934, as amended,/2 and section 63.71 of the Commission's rules,/3 to discontinue, reduce, or impair certain domestic telecommunications service(s) (Affected Service(s)) in specified geographic areas (Service Area(s)) as applicable and as fully described in each application.
In accordance with section 63.71(f) of the Commission's rules, the Section 214 Discontinuance Application(s) listed in the Appendix will be deemed granted automatically on August 13, 2026, the 31st day after the release date of this public notice, unless the Commission notifies any applicant(s) that their grant will not be automatically effective./4 We note that the date on which an application for Commission authorization is deemed granted may be different from the date on which applicants are authorized to discontinue service ("Authorized Date"). Any applicant whose application has been deemed granted may discontinue their Affected Service(s) in their Service Area(s) on or after the authorized discontinuance date(s) specified in the Appendix, in accordance with their filed representations. Accordingly, pursuant to section 63.71(f), and the terms outlined in each application, absent further Commission action, each applicant may discontinue the Affected Service(s) in the Service Area(s) described in their application on or after the authorized discontinuance date(s) listed in the Appendix for that application. For purposes of computation of time when filing a petition for reconsideration, application for review, or petition for judicial review of the Commission's decision(s), the date of "public notice" shall be the later of the auto grant date stated above in this Public Notice, or the release date(s) of any further public notice(s) or order(s) announcing final Commission action, as applicable. Should no petitions for reconsideration, applications for review, or petitions for judicial review be timely filed, the proceeding(s) listed in this Public Notice shall be terminated, and the docket(s) will be closed.
Comments objecting to the application(s) listed in the Appendix must be filed with the Commission on or before July 28, 2026. Comments should refer to the specific WC Docket No. and Comp. Pol. File No. listed in the Appendix for the Section 214 Discontinuance Application. Comments should include specific information about the impact of the proposed discontinuance on the commenter, including any inability to acquire reasonable substitute service. Comments may be filed using the Commission's Electronic Comment Filing System (ECFS). Electronic Filers: Comments may be filed electronically using the Internet by accessing the ECFS: https://www.fcc.gov/ecfs. Filers should follow the instructions provided on the Web site for submitting comments. Generally, only one copy of an electronic submission must be filed. In completing the transmittal screen, filers should include their full name, U.S. Postal Service mailing address, and the applicable docket number./5
Paper Filers: Parties who choose to file by paper must file an original and one copy of each filing. Filings can be sent by hand or messenger delivery, by commercial courier, or by the U.S. Postal Service. All filings must be addressed to the Secretary, Federal Communications Commission. Hand-delivered or messenger-delivered paper filings for the Commission's Secretary are accepted between 8:00 a.m. and 4:00 p.m. by the FCC's mailing contractor at 9050 Junction Drive, Annapolis Junction, MD 20701. All hand deliveries must be held together with rubber bands or fasteners. Any envelopes and boxes must be disposed of before entering the building. Commercial courier deliveries (any deliveries not by the U.S. Postal Service) must be sent to 9050 Junction Drive, Annapolis Junction, MD 20701. Filings sent by U.S. Postal Service First-Class Mail, Priority Mail, and Priority Mail Express must be sent to 45 L Street NE, Washington, DC 20554.
This proceeding(s) shall be treated as a "permit-but-disclose" proceeding(s) in accordance with the Commission's ex parte rules./6 Persons making ex parte presentations must file a copy of any written presentation or a memorandum summarizing any oral presentation within two business days after the presentation (unless a different deadline applicable to the Sunshine period applies). Persons making oral ex parte presentations are reminded that memoranda summarizing the presentation must (1) list all persons attending or otherwise participating in the meeting at which the ex parte presentation was made, and (2) summarize all data presented and arguments made during the presentation. If the presentation consisted in whole or in part of the presentation of data or arguments already reflected in the presenter's written comments, memoranda or other filings in the proceeding, the presenter may provide citations to such data or arguments in his or her prior comments, memoranda, or other filings (specifying the relevant page and/or paragraph numbers where such data or arguments can be found) in lieu of summarizing them in the memorandum. Documents shown or given to Commission staff during ex parte meetings are deemed to be written ex parte presentations and must be filed consistent with rule 1.1206(b). In proceedings governed by rule 1.49(f) or for which the Commission has made available a method of electronic filing, written ex parte presentations and memoranda summarizing oral ex parte presentations, and all attachments thereto, must be filed through the electronic comment filing system available for that proceeding, and must be filed in their native format (e.g., .doc, .xml, .ppt, searchable .pdf). Participants in this proceeding(s) should familiarize themselves with the Commission's ex parte rules.
People with Disabilities: To request materials in accessible formats for people with disabilities (braille, large print, electronic files, audio format), send an e-mail to fcc504@fcc.gov or call the Consumer & Governmental Affairs Bureau at 202-418-0530.
For further information, please see the contact(s) for the specific discontinuance proceeding you are interested in as listed in the Appendix. For further information on procedures regarding section 214 please visit https://www.fcc.gov/general/domestic-section-214-discontinuance-service.
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Appendix
1) Applicant(s): Parkland Broadband Telecom, LLC
WC Docket No. 26-163 Comp. Pol. File No. 2157
Link - https://www.fcc.gov/ecfs/search/search-filings/results?q=(proceedings.name:(%2226163%22))
Affected Service(s) - interconnected VoIP services provided through its Nortel OMS 100 switch Service Area(s) - Berks, Columbia, Luzerne, Northumberland, Schuylkill, Snyder, Montour and Union counties in Pennsylvania
Authorized Date(s) - on or after August 29, 2026
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Footnotes:
1/ 47 CFR Sec. 63.71.
2/ 47 U.S.C. Sec. 214.
3/ 47 CFR Sec. 63.71.
4/ See 47 CFR Sec. 63.71(f)(1) (stating, in relevant part, that an application filed by a non-dominant carrier "shall be automatically granted on the 31st day... unless the Commission has notified the applicant that the grant will not be automatically effective.").
5/ Please note that Commission staff may share filed comments with the applicant(s), along with the commenter's contact information, in order to allow applicant(s) to identify affected customers and fully respond.
6/ 47 CFR Sec. 1.1200 et seq.
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Original text here: https://docs.fcc.gov/public/attachments/DA-26-727A1.pdf
FCC Reports Progress on Communications Recovery Following Super Typhoon Bavi
WASHINGTON, July 14 -- The Federal Communications Commission announced that restoration efforts are steadily advancing across Guam and the Commonwealth of the Northern Mariana Islands after the devastating passage of super typhoon Bavi. According to daily reports, 10.2% of regional cell sites remain out of service, which is a decrease from the 16.4% reported yesterday.
In the Northern Mariana Islands, 11.8% of cell transmitters are currently inactive. Rota is experiencing the highest impact with 72.7% of its sites offline, while Tinian reports 22.2% down, and Saipan has 1.4% offline. Additionally,
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WASHINGTON, July 14 -- The Federal Communications Commission announced that restoration efforts are steadily advancing across Guam and the Commonwealth of the Northern Mariana Islands after the devastating passage of super typhoon Bavi. According to daily reports, 10.2% of regional cell sites remain out of service, which is a decrease from the 16.4% reported yesterday.
In the Northern Mariana Islands, 11.8% of cell transmitters are currently inactive. Rota is experiencing the highest impact with 72.7% of its sites offline, while Tinian reports 22.2% down, and Saipan has 1.4% offline. Additionally,Guam reports that 7% of its transmitters are out of service. Throughout the affected region, 175 operational cell towers are functioning on emergency backup power.
Cable and wireline outages have also decreased to 3,857 subscribers from 5,097. While only one television station in Guam remains affected, local emergency 911 services continue to operate normally across the region, and the agency has received no reports of outages affecting AM or FM radio stations.
To support recovery, the agency mandated emergency roaming and mutual aid agreements among wireless carriers. The agency also approved emergency satellite coverage from SpaceX and waived key program rules to help affected local residents recover quickly. These coordination efforts align with guidelines established in Improving the Resiliency of Mobile Wireless Communications Networks (PS Docket No. 13-239) to protect vital communications services.
-- Vidhi Gianani, Targeted News Service
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Original text here: https://docs.fcc.gov/public/attachments/DOC-422983A1.pdf
FCC Reports Communications Recovery Progress in Typhoon-Impacted Islands
WASHINGTON, July 14 -- The Federal Communications Commission announced that emergency communications restoration is progressing steadily across Guam and the Commonwealth of the Northern Mariana Islands following super typhoon Bavi. According to agency reports, 10.2 percent of regional wireless cell sites remain out of service, indicating steady recovery from previous days.
In the Northern Mariana Islands, 12.9 percent of cell transmitters are currently offline. Rota continues to experience the heaviest impact with 72.7 percent of its cell sites out of service, while Tinian reports 22.2 percent
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WASHINGTON, July 14 -- The Federal Communications Commission announced that emergency communications restoration is progressing steadily across Guam and the Commonwealth of the Northern Mariana Islands following super typhoon Bavi. According to agency reports, 10.2 percent of regional wireless cell sites remain out of service, indicating steady recovery from previous days.
In the Northern Mariana Islands, 12.9 percent of cell transmitters are currently offline. Rota continues to experience the heaviest impact with 72.7 percent of its cell sites out of service, while Tinian reports 22.2 percentinactive and Saipan has 2.7 percent down. On Guam, 4.7 percent of wireless transmitters remain out of service. Across the affected region, 164 functional cell sites are operating on backup power systems.
Meanwhile, combined cable and wireline outages dropped to 3,712 affected subscribers. Local emergency 911 systems continue to function normally with zero affected answering points, although one television station on Guam remains disrupted. No outages have been reported for any AM or FM radio stations.
To facilitate this critical recovery, the regulatory agency mandated emergency roaming under strict federal guidelines, waived certain universal service funding rules, and approved temporary satellite coverage from Space Exploration Holdings to support local service. These positive regulatory actions align directly with guidelines from Improving the Resiliency of Mobile Wireless Communications Networks (PS Docket Nos. 11-60, 13-239) to protect vital connectivity during disasters.
-- Vidhi Gianani, Targeted News Service
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Original text here: https://docs.fcc.gov/public/attachments/DOC-422991A1.pdf
FTC Secures $12 Million in Penalties for Pre-Merger Reporting Act Violations
WASHINGTON, July 13 -- The Federal Trade Commission issued the following news release:
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FTC Secures $12 Million in Penalties for Pre-Merger Reporting Act Violations
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The Federal Trade Commission secured $12 million in penalties to settle charges alleging that Edwards Lifesciences Corp. acquired medical device maker JC Medical from Genesis MedTech Group Limited without complying with the notification and waiting period requirements of the Hart-Scott-Rodino Act (HSR).
Under the terms of a proposed final judgment, Edwards, including former Genesis subsidiary JC Medical, will pay a $10
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WASHINGTON, July 13 -- The Federal Trade Commission issued the following news release:
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FTC Secures $12 Million in Penalties for Pre-Merger Reporting Act Violations
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The Federal Trade Commission secured $12 million in penalties to settle charges alleging that Edwards Lifesciences Corp. acquired medical device maker JC Medical from Genesis MedTech Group Limited without complying with the notification and waiting period requirements of the Hart-Scott-Rodino Act (HSR).
Under the terms of a proposed final judgment, Edwards, including former Genesis subsidiary JC Medical, will pay a $10million penalty. Genesis will pay a $2 million penalty. Edwards will also be subject to additional terms including prior notice requirements. The combined $12 million penalty is the largest ever for failing to make an HSR filing.
"Companies that try to sneak deals through without lawful FTC review should take notice," said Chairman Andrew N. Ferguson. "The FTC will be vigilant in enforcing the requirements of the Hart-Scott-Rodino Act and we will not hesitate to seek penalties for its violation."
Today's settlement resolves allegations that Edwards and Genesis sought to avoid federal antitrust review of Edwards' acquisition of JC Medical, which was in trials to bring to market transcatheter aortic valve replacement devices that treat a heart condition called aortic regurgitation (TAVR-AR devices).
According to the complaint, Edwards and Genesis intentionally structured their deal to avoid complying with the HSR Act, which requires parties to submit an HSR form to the federal antitrust agencies and observe a waiting period before completing a transaction. The waiting period provides the antitrust agencies with time to evaluate the transaction for potential competitive harm.
In July 2024, Edwards acquired JC Medical without filing under HSR and then, just one day later, attempted to acquire JC Medical's only competitor, JenaValve Technology Inc. Had the transaction succeeded, Edwards would have owned the only two companies in the United States with TAVR-AR devices in clinical trials.
The FTC sued to block Edwards' acquisition of JenaValve alleging that the deal was anticompetitive and, in January 2026, the U.S. District Court for the District of Columbia granted the FTC's request for a preliminary injunction after a six-day hearing.
HSR Avoidance Tactics
According to the complaint, Edwards was concerned that HSR review would significantly delay closing on the acquisition of JC Medical, especially in light of its concurrent negotiations to acquire JenaValve.
To avoid HSR review, Edwards and Genesis agreed that Edwards would pay $115 million, plus milestone payments, for JC Medical, which fell just below the minimum size-of-transaction threshold of $119.5 million required at the time to trigger HSR review. Edwards, however, also agreed to a contemporaneous $25 million investment in Genesis in connection with the JC Medical acquisition, according to the complaint.
In substance, the transactions between Edwards and Genesis met the thresholds for mandatory reporting under HSR, as the combination amounted to more than $119.5 million, the complaint further alleges.
On top of the monetary penalties, the proposed final judgment also specifies, among other terms, that Edwards will not, without providing advance written notification to the FTC, acquire, directly or indirectly, through subsidiaries or otherwise, any ownership interest, in whole or in part, in any firm that:
* Commercially sells a TAVR-AR device in the United States;
* Is engaged in clinical trials in the United States for a TAVR-AR device; or
* Has received an Investigational Device Exemption from the U.S. Food and Drug Administration to conduct clinical trials on a TAVR-AR device in the United States.
Edwards also will be required to design, maintain and operate an antitrust compliance program to ensure compliance with the final judgment and the antitrust laws.
The Commission vote to accept the settlement and refer the matter to the Department of Justice for filing was 2-0. The Department of Justice filed the complaint and proposed final judgment on the FTC's behalf in the U.S. District Court for the District of Columbia.
Stipulated final orders have the force of law when approved and signed by the District Court judge. The entry of the final judgment does not constitute an admission or finding of wrongdoing or liability by any defendant and defendants deny any wrongdoing or violation of law.
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Original text here: https://www.ftc.gov/news-events/news/press-releases/2026/07/ftc-secures-12-million-penalties-pre-merger-reporting-act-violations
Agencies Issue Guidance on Lending to Individuals Not Legally Authorized to Work in the United States
ALEXANDRIA, Virginia, July 13 -- The National Credit Union Administration issued the following news release:
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Agencies Issue Guidance on Lending to Individuals Not Legally Authorized to Work in the United States
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(July 13, 2026) -The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies) today issued guidance (Opens new window) to remind supervised financial institutions of their existing obligations with respect to credit risk management, particularly as it relates to borrowers who
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ALEXANDRIA, Virginia, July 13 -- The National Credit Union Administration issued the following news release:
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Agencies Issue Guidance on Lending to Individuals Not Legally Authorized to Work in the United States
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(July 13, 2026) -The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies) today issued guidance (Opens new window) to remind supervised financial institutions of their existing obligations with respect to credit risk management, particularly as it relates to borrowers whoare not legally authorized to work in the United States.
As the guidance discusses, lending to individuals who are not legally authorized to work in the United States may present elevated credit risk because a borrower's ability to generate income, maintain employment, and remain financially stable may be subject to greater uncertainty. Among other things, the guidance advises financial institutions to identify, measure, monitor, and control these risks through safe and sound underwriting practices that assess a borrower's willingness and capacity to repay according to the terms of the credit obligation.
Today's guidance also advises financial institutions to carefully consider the June 8, 2026 "Statement on Ability To Repay and Immigration Status," issued by the Consumer Financial Protection Bureau, reminding creditors of their obligations under the Truth in Lending Act as implemented by Regulation Z, and the Equal Credit Opportunity Act, as implemented by Regulation B, as they relate to non-work authorized borrowers.
The agencies issued the guidance in accordance with This is an external link to a website belonging to another federal agency, private organization, or commercial entity. Executive Order 14406, "Restoring Integrity to America's Financial System," (Opens new window) to address risks to the financial system posed by the extension of credit or financial services to the inadmissible and removable population.
Related Links:
Guidance (PDF) (Opens new window)
Media Contacts:
Agency Name Contact
Agency
FDIC
Name
Brian Sullivan
Contact
202.898.6534
Agency
NCUA
Name
Ashley Gordon
Contact
adgordon@ncua.gov
Agency
OCC
Name
Stephanie Collins
Contact
202.649.6870
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Original text here: https://ncua.gov/newsroom/press-release/2026/agencies-issue-guidance-lending-individuals-not-legally-authorized-work-united-states
Agencies Issue Guidance on Lending to Individuals Not Legally Authorized to Work in the United States
WASHINGTON, July 13 -- The Federal Deposit Insurance Corporation issued the following news release:
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Agencies Issue Guidance on Lending to Individuals Not Legally Authorized to Work in the United States
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WASHINGTON-The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies) today issued guidance to remind supervised financial institutions of their existing obligations with respect to credit risk management, particularly as it relates to borrowers who are not legally authorized to work
... Show Full Article
WASHINGTON, July 13 -- The Federal Deposit Insurance Corporation issued the following news release:
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Agencies Issue Guidance on Lending to Individuals Not Legally Authorized to Work in the United States
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WASHINGTON-The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies) today issued guidance to remind supervised financial institutions of their existing obligations with respect to credit risk management, particularly as it relates to borrowers who are not legally authorized to workin the United States.
As the guidance discusses, lending to individuals who are not legally authorized to work in the United States may present elevated credit risk because a borrower's ability to generate income, maintain employment, and remain financially stable may be subject to greater uncertainty. Among other things, the guidance advises financial institutions to identify, measure, monitor, and control these risks through safe and sound underwriting practices that assess a borrower's willingness and capacity to repay according to the terms of the credit obligation.
Today's guidance also advises financial institutions to carefully consider the June 8, 2026, "Statement on Ability To Repay and Immigration Status," issued by the Consumer Financial Protection Bureau, reminding creditors of their obligations under the Truth in Lending Act as implemented by Regulation Z, and the Equal Credit Opportunity Act, as implemented by Regulation B, as they relate to non-work authorized borrowers.
The agencies issued the guidance in accordance with Executive Order 14406, "Restoring Integrity to America's Financial System," to address risks to the financial system posed by the extension of credit or financial services to the inadmissible and removable population.
Attachment(s)
Guidance on Lending to Individuals Not Legally Authorized to Work in the United States (PDF)
Contact(s)
FDIC: Brian Sullivan, (202) 898-6534
NCUA: Ashley Gordon
OCC: Stephanie Collins, (202) 649-6870
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Original text here: https://www.fdic.gov/news/press-releases/2026/agencies-issue-guidance-lending-individuals-not-legally-authorized-work
