Defendant Name: Advanced Drainage Systems, Inc.

Defendant Type: Public Company
SIC Code: 3084
CUSIP: 00790R10

Initial Case Details

Legal Case Name In the Matter of Advanced Drainage Systems, Inc. and Mark B. Sturgeon, CPA
First Document Date 10-Jul-2018
Initial Filing Format Administrative Action
File Number 3-18582
Allegation Type Issuer Reporting and Disclosure
AAER 3949

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-11
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)
Other
• "various reporting, books and records, and internal controls provisions of the Securities and Exchange Act of 1934."
Additionally, Mark Sturgeon, CPA is alleged to have caused Advanced Drainage Systems, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Mark Sturgeon, CPA is alleged to have caused Advanced Drainage Systems, Inc.'s violation of Sec 13(a) of the Exchange Act.
Mark Sturgeon, CPA is alleged to have caused Advanced Drainage Systems, Inc.'s violation of Rule 13a-11 of the Exchange Act.
Mark Sturgeon, CPA is alleged to have caused Advanced Drainage Systems, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Mark Sturgeon, CPA is alleged to have caused Advanced Drainage Systems, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Mark Sturgeon, CPA is alleged to have caused Advanced Drainage Systems, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.

Resolutions

First Resolution Date 10-Jul-2018
Headline Total Penalty and Disgorgement $1,000,000

Related Documents:

33-10517 10-Jul-2018 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 4C and 21C of the Securities Exchange Act of 1934, and Rule 102(e) of the Commission's Rules of Practice, Making Findings and Imposing Remedial Sanctions and a Cease-and-Desist Order
On July 10, 2018, the SEC instituted an order against Advanced Drainage Systems, Inc., stating: "Advanced Drainage Systems, Inc. ("ADS" or the "Company") is an Ohio-based manufacturer of corrugated plastic pipe and drainage systems. In July 2014, following an initial public offering ("IPO") of its shares pursuant to a registration statement filed with the Commission, ADS became a public reporting company. In its registration statement and in quarterly and other reports filed with the Commission, ADS materially misstated its financial results for fiscal years 2013, 2014, and 2015, and its quarterly financial results for fiscal years 2014 and 2015."
33-10517-s 10-Jul-2018 Administrative Summary
SEC Charges Pipe Manufacturer and Former CFO with Reporting and Accounting Violations
On July 10, 2018, the SEC issued a release regarding SEC charges against Advanced Drainage Systems, Inc. ("ADS"), stating: "According to the SEC's order instituting administrative proceedings, ADS materially misstated its financial results for fiscal years 2013, 2014, and 2015, and its quarterly financial results for fiscal years 2014 and 2015 in its registration statement and in quarterly and other reports filed with the Commission."

Other Defendants in Action:

Mark Sturgeon, CPA