Financial advisor RBC Capital Markets will pay $2.5 million to settle allegations it caused materially false and misleading disclosures by Rural/Metro Corporation. Rural/Metro, a medical transportation company, paid RBC $500,000 to prepare a “fairness opinion” which would be presented to Rural/Metro’s board in conjunction with Rural/Metro’s potential sale to a private equity firm. The SEC found that RBC’s presentation contained materially false and misleading statements which made the bid look more attractive. RBC’s information was included in the proxy statement Rural/Metro used to solicit shareholder approval for the sale. SEC
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