In re Avery More

 UNITED STATES OF AMERICA 
 Before the 
   SECURITIES AND EXCHANGE COMMISSION 
 
SECURITIES EXCHANGE ACT OF 1934 
Release No. 98543 / September 27, 2023 
                                                               
ADMINISTRATIVE PROCEEDING 
File No. 3-21729 
 
 
 
In the Matter of 
 
Avery More, 
 
Respondent. 
 
 
 
ORDER INSTITUTING CEASE-AND-
DESIST PROCEEDINGS PURSUANT TO 
SECTION 21C OF THE SECURITIES 
EXCHANGE ACT OF 1934, MAKING 
FINDINGS, AND IMPOSING A CEASE-
AND-DESIST ORDER 
  
 
 I. 
 The Securities and Exchange Commission (“Commission”) deems it appropriate that 
cease-and-desist proceedings be, and hereby are, instituted pursuant to Section 21C of the 
Securities Exchange Act of 1934 (“Exchange Act”), against Avery More (“More” or 
“Respondent”).   
II. 
 In anticipation of the institution of these proceedings, Respondent has submitted an Offer 
of Settlement (the “Offer”) which the Commission has determined to accept.  Solely for the 
purpose of these proceedings and any other proceedings brought by or on behalf of the 
Commission, or to which the Commission is a party, and without admitting or denying the 
findings herein, except as to the Commission’s jurisdiction over Respondent and the subject 
matter of these proceedings, which are admitted, and except as provided herein in Section V, 
Respondent consents to the entry of this Order Instituting Cease-and-Desist Proceedings 
Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing 
a Cease-and-Desist Order (“Order”), as set forth below.   

 
 
 2 
 
III. 
 On the basis of this Order and Respondent’s Offer, the Commission finds
1
 that: 
Summary 
1. These proceedings arise out of violations of the beneficial ownership reporting 
requirements of the federal securities laws.  Section 16(a) of the Exchange Act and the rules 
promulgated thereunder require officers and directors of a company with a registered class of equity 
security, and any beneficial owners of greater than 10% of such class, to file certain reports of 
securities holdings and transactions.  Section 16(a) was motivated by a belief that “the most potent 
weapon against the abuse of inside information is full and prompt publicity” and by a desire “to give 
investors an idea of the purchases and sales by insiders which may in turn indicate their private 
opinion as to prospects of the company.”  H.R. Rep. 73-1383, at 13, 24 (1934).  Reflecting this 
informational purpose, the obligation to file applies irrespective of profits or the filer’s reasons for 
engaging in the transactions.  The Sarbanes-Oxley Act of 2002 and Commission implementing 
regulations accelerated the reporting deadline for most transactions to two business days and 
mandated that all reports be filed electronically on EDGAR to facilitate rapid dissemination to the 
public. 
2. While subject to the reporting requirements of Section 16(a) of the Exchange Act as 
a   director of SolarEdge Technologies, Inc. (“SolarEdge”), Respondent violated Section 16(a) on 
multiple occasions by failing to timely file reports of transactions in SolarEdge’s securities.  
Respondent 
3. More, age 68,  has served as director of SolarEdge since 2006.  More is and has been 
at all relevant times a director of SolarEdge subject to Section 16(a) of the Exchange Act.   
Issuer 
4. SolarEdge is a Delaware corporation with its principal place of business in Israel.  
SolarEdge’s common stock is and has been since 2015 registered with the Commission under 
Section 12 of the Exchange Act and trades on the NASDAQ stock market (ticker: SEDG). 
 
Applicable Legal Framework 
5. Section 16(a) of the Exchange Act and the rules promulgated thereunder apply to 
every person who is the beneficial owner of more than 10% of any class of any equity security 
registered pursuant to Section 12 of the Exchange Act, and any officer or director of the issuer of 
any such security ( collectively, “insiders”).   
 
1
  The findings herein are made pursuant to Respondent’s Offer of Settlement and are not binding on 
any other person or entity in this or any other proceeding. 

 
 
 3 
 
6. Pursuant to Section 16(a) and Rule 16a-3, insiders are required to file initial 
statements of holdings on Form 3 and keep this information current by reporting transactions on 
Forms 4 and 5.  Specifically, within 10 days after becoming an   insider, or on or before the effective 
date of the Section 12 registration of the class of equity security, an insider must file a Form 3 report 
disclosing his or her beneficial ownership of all securities of the issuer.  To keep this information 
current, insiders must file Form 4 reports disclosing transactions resulting in a change in beneficial 
ownership within two business days following the execution date of the transaction, except for 
limited types of transactions eligible for deferred reporting.  Transactions required to be reported on 
Form 4 include purchases and sales of securities, exercises and conversions of derivative securities, 
and grants or awards of securities from the issuer.  In addition, insiders are required to file a Form 5 
report within 45 days after the issuer’s fiscal year-end to report any transactions or holdings that 
should have been, but were not, reported on Form 3 or 4 (as applicable) during the issuer’s most 
recent fiscal year and any transactions eligible for deferred reporting (unless the corporate insider 
has previously reported all such transactions).   
7. Although the Commission has encouraged the practice of many issuers to “help their 
[officers and directors] or submit the [] filings on their behalf . . . [in order] to facilitate accurate and 
timely filing,” Section 16 places the responsibility to report changes in securities ownership on 
insiders.
2
   
8. There is no state of mind requirement for violations of Section 16(a) and the rules 
thereunder.
3
  The failure to timely file a required report, even if inadvertent, constitutes a 
violation.
4
     
 
 
Respondent Failed to File Required Section 16(a) Reports on a Timely Basis 
 
2
   Mandated Electronic Filing and Website Posting for Forms 3, 4 and 5, SEC Release No. 34-47809 (May 7, 
2003), 68 Fed. Reg. 25788, 25789 (May 13, 2003). 
 
3
   See, e.g., SEC v. e-Smart Technologies, Inc., 82 F. Supp. 3d 97, 104 (D.D.C. 2015) (scienter is not required 
to establish a violation of Section 16(a) of the Exchange Act); cf. SEC v. Savoy Indus., Inc., 587 F.2d 1149, 1167 
(D.C. Cir. 1978) (“Indeed, the plain language of section 13(d)(1) gives no hint that intentional conduct need be 
found, but rather, appears to place a simple and affirmative duty of reporting on certain persons.  The legislative 
history confirms that Congress was concerned with providing disclosure to investors, and not merely with protecting 
them from fraudulent conduct”).        
4
   Cf. Oppenheimer & Co., Inc., 47 SEC 286, 1980 WL 26901, at *2 (May 19, 1980) (Commission opinion) 
(“We have previously held that the failure to make a required report, even though inadvertent, constitutes a willful 
violation”); Herbert Moskowitz, 77 SEC Docket 446, 2002 WL 434524, at *7 (Mar. 21, 2002) (Commission opinion) 
(“evidence of both motive for non-disclosure and actual market impact ... is irrelevant” to whether violations of Section 
13(d) of the Exchange Act and Rules 13d-1 and 13d-2 thereunder occurred); see generally SEC Release No. 34-47809, 
68 Fed. Reg. at 25792 (noting that an issuer’s eligibility for temporary relief from disclosing Forms 4 filed one business 
day late by its insiders “does not change the fact that any Form 3, 4 or 5 filed later than the applicable due date violates 
Section 16(a)”) (emphasis added). 

 
 
 4 
 
9. As a director of SolarEdge, Respondent has been subject to the reporting 
requirements of Exchange Act Section 16(a) since SolarEdge became a reporting issuer in 2015 
and remains subject to those requirements. Respondent timely filed an initial statement of 
beneficial ownership on Form 3 on March 25, 2015.   
10. Subsequently, Respondent failed to file on a timely basis multiple required Section 
16(a) reports with the Commission, including to report transactions executed on the following dates 
that were required to be reported on Form 4 within two business days:   
Form Type Date of Trans. Due Date Date Filed 
4 2/22/18 2/26/18 2/28/18 
4 5/15/18 5/17/18 9/1/22 
4 5/16/18 5/18/18 9/1/22 
4 5/23/18 5/25/18 9/1/22 
4 5/13/19 5/15/19 5/17/19 
4 6/5/19 6/7/19 7/8/19 
4 8/9/19 8/13/19 9/1/22 
4 8/27/19 8/29/19 9/1/22 
4 12/2/19 12/4/19 12/6/19 
4 12/4/19 12/6/19 3/24/20 
4 12/11/19 12/13/19 3/24/20 
4 2/23/20 2/25/20 3/24/20 
4 2/24/20 2/26/20 3/24/20 
4 3/3/20 3/5/20 3/24/20 
4 3/4/20 3/6/20 3/24/20 
4 5/18/20 5/20/20 6/18/20 
4 12/11/20 12/15/20 9/1/22 
4 2/18/21 2/22/21 2/24/21 
 
11. Respondent’s late-reported transactions from February 2018 through February 2021 
primarily involved open-market sales of SolarEdge stocks with a total of approximately $26 million 
in market value. Respondent’s late-reported transactions also included transactions related to 
restricted stock grants he was awarded by the company. Approximately half of Respondent’s 
transactions between 2018 and 2021 were reported one or more days late.  Respondent also failed 

 
 
 5 
 
to file a required Form 5 to report transactions that should have been reported on Forms 4 during 
SolarEdge’s fiscal years 2018, 2019, and 2020 but were not. 
12. As a result of the conduct described above, Respondent violated Section 16(a) of 
the Exchange Act and Rule 16a-3 thereunder.  
Respondent’s Remedial Efforts 
13.  Respondent has represented that certain of his delinquent filings resulted from the 
failure of SolarEdge to make timely filings on his behalf and the failure of his broker to timely 
notify SolarEdge of certain transactions.  Respondent’s reliance on SolarEdge and his broker 
does not excuse his violations because an insider retains legal responsibility for compliance with 
the filing requirements, including the obligation to assure that the filing is timely and accurately 
made.
5
  In addition, here, SolarEdge made disclosures in its annual proxy statements filed in 
2018 through 2022 relating to Section 16(a) compliance by its insiders during fiscal years 2017 
through 2021 that named Respondent and other insiders as having late-filed reports and cited that 
they were “due to administrative errors and due to the fact that the Company’s headquarters in Israel 
work Sundays through Thursdays” as causes of Respondent’s late reports.  Respondent took 
inadequate and ineffective steps to monitor whether his broker was providing timely notice to 
SolarEdge and whether timely and accurate filings were made on his behalf by SolarEdge.     
14. In determining to accept Respondent’s Offer, the Commission considered certain 
remedial acts undertaken by Respondent, circumstances relating to Respondent’s representations 
as to reliance, and cooperation afforded to Commission staff.  
IV. 
In view of the foregoing, the Commission deems it appropriate to impose the sanctions 
agreed to in Respondent’s Offer. 
 Accordingly, it is hereby ORDERED that: 
 A. Pursuant to Section 21C of the Exchange Act, Respondent cease and desist from 
committing or causing any violations and any future violations of Section 16(a) of the Exchange 
Act and Rule 16a-3 promulgated thereunder.   
 
5
   See SEC Release No. 34-47809, 68 Fed. Reg. at 25789 (“[A]n insider is legally responsible for filing 
regardless of who submits a filing on the insider’s behalf.”); Ownership Reports and Trading by Officers, Directors 
and Principal Security Holders, SEC Release 34-37260 (May 31, 1996), 61 Fed. Reg. 30376, 30386 (June 14, 1996) 
(“Each beneficial owner [making a joint or group filing] will retain individual liability for compliance with the filing 
requirements, including the obligation to assure that the filing is timely and accurately made.”); see also Bettina 
Bancroft, 53 SEC Docket 1955, 1993 WL 81744, at *3 (Mar. 23, 1993) (settled order) (“Although the Commission 
encourages individuals to obtain professional assistance in meeting their filing obligations, Section 16 of the Exchange 
Act places the responsibility to report changes in securities ownership on insiders.”).     

 
 
 6 
 
B. Respondent shall, within 14 days of the entry of this Order, pay a civil money 
penalty in the amount of $66,000 to the Securities and Exchange Commission, for transfer to the 
general fund of the United States Treasury, subject to Exchange Act Section 21F(g)(3).  If timely 
payment is not made, additional interest shall accrue pursuant to 31 U.S.C. § 3717.  Payment 
must be made in one of the following ways:   
(1)  Respondent may transmit payment electronically to the Commission, which will 
provide detailed ACH transfer/Fedwire instructions upon request;  
 
(2)  Respondent may make direct payment from a bank account via Pay.gov through 
the SEC website at http://www.sec.gov/about/offices/ofm.htm; or  
 
(3)  Respondent may pay by certified check, bank cashier’s check, or United States 
postal money order, made payable to the Securities and Exchange Commission and hand-
delivered or mailed to:  
 
Enterprise Services Center 
Accounts Receivable Branch 
HQ Bldg., Room 181, AMZ-341 
6500 South MacArthur Boulevard 
Oklahoma City, OK 73169 
 
Payments by check or money order must be accompanied by a cover letter identifying 
Avery More as a Respondent in these proceedings, and the file number of these proceedings; a 
copy of the cover letter and check or money order must be sent to Thomas Smith, Associate 
Regional Director, Division of Enforcement, Securities and Exchange Commission, 100 Pearl 
Street, Suite 20-100, New York, NY 10004.   
C. Amounts ordered to be paid as civil money penalties pursuant to this Order shall 
be treated as penalties paid to the government for all purposes, including all tax purposes.  To 
preserve the deterrent effect of the civil penalty, Respondent agrees that in any Related Investor 
Action, he shall not argue that he is entitled to, nor shall he benefit by, offset or reduction of any 
award of compensatory damages by the amount of any part of Respondent’s payment of a civil 
penalty in this action (“Penalty Offset”).  If the court in any Related Investor Action grants such 
a Penalty Offset, Respondent agrees that he shall, within 30 days after entry of a final order 
granting the Penalty Offset, notify the Commission's counsel in this action and pay the amount of 
the Penalty Offset to the Securities and Exchange Commission.  Such a payment shall not be 
deemed an additional civil penalty and shall not be deemed to change the amount of the civil 
penalty imposed in this proceeding.  For purposes of this paragraph, a “Related Investor Action” 
means a private damages action brought against Respondent by or on behalf of one or more 
investors based on substantially the same facts as alleged in the Order instituted by the 
Commission in this proceeding. 
 

 
 
 7 
 
V. 
It is further Ordered that, solely for purposes of exceptions to discharge set forth in 
Section 523 of the Bankruptcy Code, 11 U.S.C. § 523, the findings in this Order are true and 
admitted by Respondent, and further, any debt for disgorgement, prejudgment interest, civil 
penalty or other amounts due by Respondent under this Order or any other judgment, order, 
consent order, decree or settlement agreement entered in connection with this proceeding, is a 
debt for the violation by Respondent of the federal securities laws or any regulation or order 
issued under such laws, as set forth in Section 523(a)(19) of the Bankruptcy Code, 11 U.S.C. 
§ 523(a)(19). 
 By the Commission. 
 
 
       Vanessa A. Countryman 
       Secretary 

UNITED STATES OF AMERICA 
 Before the 
   SECURITIES AND EXCHANGE COMMISSION 
 
SECURITIES EXCHANGE ACT OF 1934 
Release No. 98543 / September 27, 2023 
                                                               
ADMINISTRATIVE PROCEEDING 
File No. 3-21729 
 
 
 
In the Matter of 
 

Avery More, 
 
Respondent. 
 
 

 
ORDER INSTITUTING CEASE-AND-
DESIST PROCEEDINGS PURSUANT TO 
SECTION 21C OF THE SECURITIES 
EXCHANGE ACT OF 1934, MAKING 
FINDINGS, AND IMPOSING A CEASE-
AND-DESIST ORDER 

  
 

 I. 

 The Securities and Exchange Commission (“Commission”) deems it appropriate that 
cease-and-desist proceedings be, and hereby are, instituted pursuant to Section 21C of the 
Securities Exchange Act of 1934 (“Exchange Act”), against Avery More (“More” or 
“Respondent”).   

II. 

 In anticipation of the institution of these proceedings, Respondent has submitted an Offer 
of Settlement (the “Offer”) which the Commission has determined to accept.  Solely for the 
purpose of these proceedings and any other proceedings brought by or on behalf of the 
Commission, or to which the Commission is a party, and without admitting or denying the 
findings herein, except as to the Commission’s jurisdiction over Respondent and the subject 
matter of these proceedings, which are admitted, and except as provided herein in Section V, 
Respondent consents to the entry of this Order Instituting Cease-and-Desist Proceedings 
Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing 
a Cease-and-Desist Order (“Order”), as set forth below.   



 
 

 2 

 

III. 

 On the basis of this Order and Respondent’s Offer, the Commission finds1 that: 

Summary 

1. These proceedings arise out of violations of the beneficial ownership reporting 
requirements of the federal securities laws.  Section 16(a) of the Exchange Act and the rules 
promulgated thereunder require officers and directors of a company with a registered class of equity 
security, and any beneficial owners of greater than 10% of such class, to file certain reports of 
securities holdings and transactions.  Section 16(a) was motivated by a belief that “the most potent 
weapon against the abuse of inside information is full and prompt publicity” and by a desire “to give 
investors an idea of the purchases and sales by insiders which may in turn indicate their private 
opinion as to prospects of the company.”  H.R. Rep. 73-1383, at 13, 24 (1934).  Reflecting this 
informational purpose, the obligation to file applies irrespective of profits or the filer’s reasons for 
engaging in the transactions.  The Sarbanes-Oxley Act of 2002 and Commission implementing 
regulations accelerated the reporting deadline for most transactions to two business days and 
mandated that all reports be filed electronically on EDGAR to facilitate rapid dissemination to the 
public. 

2. While subject to the reporting requirements of Section 16(a) of the Exchange Act as 
a director of SolarEdge Technologies, Inc. (“SolarEdge”), Respondent violated Section 16(a) on 
multiple occasions by failing to timely file reports of transactions in SolarEdge’s securities.  

Respondent 

3. More, age 68, has served as director of SolarEdge since 2006.  More is and has been 
at all relevant times a director of SolarEdge subject to Section 16(a) of the Exchange Act.   

Issuer 

4. SolarEdge is a Delaware corporation with its principal place of business in Israel.  
SolarEdge’s common stock is and has been since 2015 registered with the Commission under 
Section 12 of the Exchange Act and trades on the NASDAQ stock market (ticker: SEDG). 

 
Applicable Legal Framework 

5. Section 16(a) of the Exchange Act and the rules promulgated thereunder apply to 
every person who is the beneficial owner of more than 10% of any class of any equity security 
registered pursuant to Section 12 of the Exchange Act, and any officer or director of the issuer of 
any such security (collectively, “insiders”).   

 
1  The findings herein are made pursuant to Respondent’s Offer of Settlement and are not binding on 
any other person or entity in this or any other proceeding. 



 
 

 3 

 

6. Pursuant to Section 16(a) and Rule 16a-3, insiders are required to file initial 
statements of holdings on Form 3 and keep this information current by reporting transactions on 
Forms 4 and 5.  Specifically, within 10 days after becoming an insider, or on or before the effective 
date of the Section 12 registration of the class of equity security, an insider must file a Form 3 report 
disclosing his or her beneficial ownership of all securities of the issuer.  To keep this information 
current, insiders must file Form 4 reports disclosing transactions resulting in a change in beneficial 
ownership within two business days following the execution date of the transaction, except for 
limited types of transactions eligible for deferred reporting.  Transactions required to be reported on 
Form 4 include purchases and sales of securities, exercises and conversions of derivative securities, 
and grants or awards of securities from the issuer.  In addition, insiders are required to file a Form 5 
report within 45 days after the issuer’s fiscal year-end to report any transactions or holdings that 
should have been, but were not, reported on Form 3 or 4 (as applicable) during the issuer’s most 
recent fiscal year and any transactions eligible for deferred reporting (unless the corporate insider 
has previously reported all such transactions).   

7. Although the Commission has encouraged the practice of many issuers to “help their 
[officers and directors] or submit the [] filings on their behalf . . . [in order] to facilitate accurate and 
timely filing,” Section 16 places the responsibility to report changes in securities ownership on 
insiders.2   

8. There is no state of mind requirement for violations of Section 16(a) and the rules 
thereunder.3  The failure to timely file a required report, even if inadvertent, constitutes a 
violation.4     
 
 

Respondent Failed to File Required Section 16(a) Reports on a Timely Basis 

 
2   Mandated Electronic Filing and Website Posting for Forms 3, 4 and 5, SEC Release No. 34-47809 (May 7, 
2003), 68 Fed. Reg. 25788, 25789 (May 13, 2003). 
 
3   See, e.g., SEC v. e-Smart Technologies, Inc., 82 F. Supp. 3d 97, 104 (D.D.C. 2015) (scienter is not required 
to establish a violation of Section 16(a) of the Exchange Act); cf. SEC v. Savoy Indus., Inc., 587 F.2d 1149, 1167 
(D.C. Cir. 1978) (“Indeed, the plain language of section 13(d)(1) gives no hint that intentional conduct need be 
found, but rather, appears to place a simple and affirmative duty of reporting on certain persons.  The legislative 
history confirms that Congress was concerned with providing disclosure to investors, and not merely with protecting 
them from fraudulent conduct”).        

4   Cf. Oppenheimer & Co., Inc., 47 SEC 286, 1980 WL 26901, at *2 (May 19, 1980) (Commission opinion) 
(“We have previously held that the failure to make a required report, even though inadvertent, constitutes a willful 
violation”); Herbert Moskowitz, 77 SEC Docket 446, 2002 WL 434524, at *7 (Mar. 21, 2002) (Commission opinion) 
(“evidence of both motive for non-disclosure and actual market impact … is irrelevant” to whether violations of Section 
13(d) of the Exchange Act and Rules 13d-1 and 13d-2 thereunder occurred); see generally SEC Release No. 34-47809, 
68 Fed. Reg. at 25792 (noting that an issuer’s eligibility for temporary relief from disclosing Forms 4 filed one business 
day late by its insiders “does not change the fact that any Form 3, 4 or 5 filed later than the applicable due date violates 
Section 16(a)”) (emphasis added). 



 
 

 4 

 

9. As a director of SolarEdge, Respondent has been subject to the reporting 
requirements of Exchange Act Section 16(a) since SolarEdge became a reporting issuer in 2015 
and remains subject to those requirements. Respondent timely filed an initial statement of 
beneficial ownership on Form 3 on March 25, 2015.   

10. Subsequently, Respondent failed to file on a timely basis multiple required Section 
16(a) reports with the Commission, including to report transactions executed on the following dates 
that were required to be reported on Form 4 within two business days:   

Form Type Date of Trans. Due Date Date Filed 

4 2/22/18 2/26/18 2/28/18 

4 5/15/18 5/17/18 9/1/22 

4 5/16/18 5/18/18 9/1/22 

4 5/23/18 5/25/18 9/1/22 

4 5/13/19 5/15/19 5/17/19 

4 6/5/19 6/7/19 7/8/19 

4 8/9/19 8/13/19 9/1/22 

4 8/27/19 8/29/19 9/1/22 

4 12/2/19 12/4/19 12/6/19 

4 12/4/19 12/6/19 3/24/20 

4 12/11/19 12/13/19 3/24/20 

4 2/23/20 2/25/20 3/24/20 

4 2/24/20 2/26/20 3/24/20 

4 3/3/20 3/5/20 3/24/20 

4 3/4/20 3/6/20 3/24/20 

4 5/18/20 5/20/20 6/18/20 

4 12/11/20 12/15/20 9/1/22 

4 2/18/21 2/22/21 2/24/21 
 

11. Respondent’s late-reported transactions from February 2018 through February 2021 
primarily involved open-market sales of SolarEdge stocks with a total of approximately $26 million 
in market value. Respondent’s late-reported transactions also included transactions related to 
restricted stock grants he was awarded by the company. Approximately half of Respondent’s 
transactions between 2018 and 2021 were reported one or more days late.  Respondent also failed 



 
 

 5 

 

to file a required Form 5 to report transactions that should have been reported on Forms 4 during 
SolarEdge’s fiscal years 2018, 2019, and 2020 but were not. 

12. As a result of the conduct described above, Respondent violated Section 16(a) of 
the Exchange Act and Rule 16a-3 thereunder.  

Respondent’s Remedial Efforts 

13.  Respondent has represented that certain of his delinquent filings resulted from the 
failure of SolarEdge to make timely filings on his behalf and the failure of his broker to timely 
notify SolarEdge of certain transactions.  Respondent’s reliance on SolarEdge and his broker 
does not excuse his violations because an insider retains legal responsibility for compliance with 
the filing requirements, including the obligation to assure that the filing is timely and accurately 
made.5  In addition, here, SolarEdge made disclosures in its annual proxy statements filed in 
2018 through 2022 relating to Section 16(a) compliance by its insiders during fiscal years 2017 
through 2021 that named Respondent and other insiders as having late-filed reports and cited that 
they were “due to administrative errors and due to the fact that the Company’s headquarters in Israel 
work Sundays through Thursdays” as causes of Respondent’s late reports.  Respondent took 
inadequate and ineffective steps to monitor whether his broker was providing timely notice to 
SolarEdge and whether timely and accurate filings were made on his behalf by SolarEdge.     

14. In determining to accept Respondent’s Offer, the Commission considered certain 
remedial acts undertaken by Respondent, circumstances relating to Respondent’s representations 
as to reliance, and cooperation afforded to Commission staff.  

IV. 

In view of the foregoing, the Commission deems it appropriate to impose the sanctions 
agreed to in Respondent’s Offer. 

 Accordingly, it is hereby ORDERED that: 

 A. Pursuant to Section 21C of the Exchange Act, Respondent cease and desist from 
committing or causing any violations and any future violations of Section 16(a) of the Exchange 
Act and Rule 16a-3 promulgated thereunder.   

 
5   See SEC Release No. 34-47809, 68 Fed. Reg. at 25789 (“[A]n insider is legally responsible for filing 
regardless of who submits a filing on the insider’s behalf.”); Ownership Reports and Trading by Officers, Directors 
and Principal Security Holders, SEC Release 34-37260 (May 31, 1996), 61 Fed. Reg. 30376, 30386 (June 14, 1996) 
(“Each beneficial owner [making a joint or group filing] will retain individual liability for compliance with the filing 
requirements, including the obligation to assure that the filing is timely and accurately made.”); see also Bettina 
Bancroft, 53 SEC Docket 1955, 1993 WL 81744, at *3 (Mar. 23, 1993) (settled order) (“Although the Commission 
encourages individuals to obtain professional assistance in meeting their filing obligations, Section 16 of the Exchange 
Act places the responsibility to report changes in securities ownership on insiders.”).    



 
 

 6 

 

B. Respondent shall, within 14 days of the entry of this Order, pay a civil money 
penalty in the amount of $66,000 to the Securities and Exchange Commission, for transfer to the 
general fund of the United States Treasury, subject to Exchange Act Section 21F(g)(3).  If timely 
payment is not made, additional interest shall accrue pursuant to 31 U.S.C. § 3717.  Payment 
must be made in one of the following ways:   

(1)  Respondent may transmit payment electronically to the Commission, which will 
provide detailed ACH transfer/Fedwire instructions upon request;  
 
(2)  Respondent may make direct payment from a bank account via Pay.gov through 
the SEC website at http://www.sec.gov/about/offices/ofm.htm; or  
 
(3)  Respondent may pay by certified check, bank cashier’s check, or United States 
postal money order, made payable to the Securities and Exchange Commission and hand-
delivered or mailed to:  

 
Enterprise Services Center 
Accounts Receivable Branch 
HQ Bldg., Room 181, AMZ-341 
6500 South MacArthur Boulevard 
Oklahoma City, OK 73169 
 

Payments by check or money order must be accompanied by a cover letter identifying 
Avery More as a Respondent in these proceedings, and the file number of these proceedings; a 
copy of the cover letter and check or money order must be sent to Thomas Smith, Associate 
Regional Director, Division of Enforcement, Securities and Exchange Commission, 100 Pearl 
Street, Suite 20-100, New York, NY 10004.   

C. Amounts ordered to be paid as civil money penalties pursuant to this Order shall 
be treated as penalties paid to the government for all purposes, including all tax purposes.  To 
preserve the deterrent effect of the civil penalty, Respondent agrees that in any Related Investor 
Action, he shall not argue that he is entitled to, nor shall he benefit by, offset or reduction of any 
award of compensatory damages by the amount of any part of Respondent’s payment of a civil 
penalty in this action (“Penalty Offset”).  If the court in any Related Investor Action grants such 
a Penalty Offset, Respondent agrees that he shall, within 30 days after entry of a final order 
granting the Penalty Offset, notify the Commission's counsel in this action and pay the amount of 
the Penalty Offset to the Securities and Exchange Commission.  Such a payment shall not be 
deemed an additional civil penalty and shall not be deemed to change the amount of the civil 
penalty imposed in this proceeding.  For purposes of this paragraph, a “Related Investor Action” 
means a private damages action brought against Respondent by or on behalf of one or more 
investors based on substantially the same facts as alleged in the Order instituted by the 
Commission in this proceeding. 
 



 
 

 7 

 

V. 

It is further Ordered that, solely for purposes of exceptions to discharge set forth in 
Section 523 of the Bankruptcy Code, 11 U.S.C. § 523, the findings in this Order are true and 
admitted by Respondent, and further, any debt for disgorgement, prejudgment interest, civil 
penalty or other amounts due by Respondent under this Order or any other judgment, order, 
consent order, decree or settlement agreement entered in connection with this proceeding, is a 
debt for the violation by Respondent of the federal securities laws or any regulation or order 
issued under such laws, as set forth in Section 523(a)(19) of the Bankruptcy Code, 11 U.S.C. 
§ 523(a)(19). 

 By the Commission. 

 
 
       Vanessa A. Countryman 
       Secretary 


	Respondent