Defendant Name: Conn's Inc.

Defendant Type: Public Company
SIC Code: 5722
CUSIP: 20824210

Initial Case Details

Legal Case Name SEC v. Conn's, Inc. and Michael J. Poppe
First Document Date 15-Jul-2019
Initial Filing Format Civil Proceeding
Case Number 19-cv-02534
Allegation Type Issuer Reporting and Disclosure
Federal District Court Texas, Southern District of Texas

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a)(3)

Resolutions

First Resolution Date 15-Jul-2019
Headline Total Penalty and Disgorgement $1,100,000

Related Documents:

LR-24532 15-Jul-2019 Litigation Release
SEC Charges Conn's Inc. and Its Former COO for Improper Accounting Practices
The Commission stated: "The Securities and Exchange Commission today announced settled charges against Conn's Inc., a Texas-based specialty retailer that offers consumer goods and credit financing primarily to credit-restrained customers, and its former Chief Operating Officer for improper accounting practices."
comp24532 15-Jul-2019 Complaint
Complaint
The Commission stated: "From the second quarter of fiscal 2013 through the second quarter of fiscal 2015 . . . Defendants understated the allowance for doubtful accounts and overstated income on Conn's financial statements. These errors resulted from: (1) Conn's use of a model to forecast its allowance for doubtful accounts that included management bias; and (2) the negligent application of that model by Conn's management, including Poppe, then the Chief Operating Officer of Conn's."
court_doc6_19-cv-02534 16-Jul-2019 Court Docket Document
Final Judgment as to Defendant Conn's, Inc.

Other Defendants in Action:

Michael J. Poppe