Stein Mart Inc. said Tuesday it has reached a settlement with the Securities and Exchange Commission connected to the restatement of certain financial statements.

The company previously disclosed that the SEC began an administrative proceeding investigating its restatement of financial results for the first quarter of fiscal year 2012, all reporting periods for fiscal-year 2011 and the annual reporting period in fiscal year 2010, as well as the change in auditors.

The proceeding found that Stein Mart violated the reporting, books and records and internal controls provisions of the Securities and Exchange Act of 1934. Stein Mart cooperated with the SEC staff during the course of the investigation. Stein Mart was ordered to “cease and desist” from committing or causing any violations and any future violations of applicable SEC rules.

As part of the settlement, Stein Mart agreed to pay a civil monetary penalty of $800,000. The retailer previously established a reserve for the potential settlement of the matter, which it said will not require a significant adjustment in the third quarter.

The company settled the matter without admitting or denying the findings of the SEC. In addition, the SEC did not allege fraud by Stein Mart, and did not bring any charges against any individual.

Remedial acts undertaken by Stein Mart include enhancement of internal controls and the retention of additional accounting personnel.

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