Subsequent Events

3 Months Ended

Mar. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Compliance with NYSE Listing Standard

On April 12, 2019 the Company received a notice from the NYSE that a calculation of the average stock price for the 30-trading days ended April 12, 2019, indicted that the Company is now in compliance with the $1.00 continued listed criterion. The notice also noted that the Company remains non-compliant with the NYSE's $50 million average market capitalization and $50 million stockholders' equity requirements as it must remain above the $50 million average market capitalization or the $50 million total stockholders' investment requirements for two consecutive quarters (or six months) before the Company can be considered in compliance with this listing standard. On February 26, 2019, the Company closed its rights offering, pursuant to which the Company issued and sold an aggregate of 36 million new shares of its common stock at the subscription price of $12.50 per share, which added approximately $450 million to the Company's total stockholder investment.

DOJ and Division of Enforcement of the SEC investigations

In April 2019, the June 2018 indictment of two former employees as part of the ongoing DOJ investigation was superseded with an indictment against those two former employees as well as the Company’s former Chief Financial Officer on charges which include conspiracy, securities fraud, wire fraud, and bank fraud. Additionally, in April 2019, the SEC filed suit against the same three former employees for various violations of the securities laws. See Note 12 for further information on both the DOJ and SEC investigations.