12:53 PM EDT, 03/11/2024 (MT Newswires) -- EchoStar ( SATS ) failed to disclose $15 billion in implicitly admitted equity value overstatement in a filing with the US Securities and Exchange Commission, the Buxton Helmsley Group, which holds financial interests in the company, said Monday.

The group wrote an open letter to members of the US Senate Committee on Finance Sens. Elizabeth Warren and Sheldon Whitehouse claiming an apparent accounting and securities fraud scheme occurring at EchoStar ( SATS ).

Buxton's letter includes a request to speak with the committee, in the presence of Echo Star leadership, the company's auditor, and US SEC.

The group also wrote a simultaneous letter to EchoStar's ( SATS ) board explaining violations of GAAP and Regulation S-X in its filing with the SEC on Feb. 29.

Buxton said it is also filing a whistleblower report with the US SEC because of EchoStar's ( SATS ) continued violations of federal securities laws and accounting standards with the apparent involvement of its auditor.

EchoStar ( SATS ) did not immediately respond to MT Newswires' request for comment.

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