Defendant Name: Stewart Enterprises, Inc.

Defendant Type: Public Company
SIC Code: 7200
CUSIP: 86037010

Initial Case Details

Legal Case Name In the Matter of Stewart Enterprises, Inc., Kenneth C. Budde, CPA, and Michael G. Hymel, CPA
First Document Date 29-Dec-2008
Initial Filing Format Administrative Action
File Number 3-13320
Allegation Type Issuer Reporting and Disclosure
AAER 2913

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)
Additionally, Kenneth C. Budde, CPA is alleged to have caused Stewart Enterprises, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Michael G. Hymel, CPA is alleged to have caused Stewart Enterprises, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Kenneth C. Budde, CPA is alleged to have caused Stewart Enterprises, Inc.'s violation of Sec 13(a) of the Exchange Act.
Michael G. Hymel, CPA is alleged to have caused Stewart Enterprises, Inc.'s violation of Sec 13(a) of the Exchange Act.
Kenneth C. Budde, CPA is alleged to have caused Stewart Enterprises, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Michael G. Hymel, CPA is alleged to have caused Stewart Enterprises, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Kenneth C. Budde, CPA is alleged to have caused Stewart Enterprises, Inc.'s violation of Rule 13a-11 of the Exchange Act.
Michael G. Hymel, CPA is alleged to have caused Stewart Enterprises, Inc.'s violation of Rule 13a-11 of the Exchange Act.
Kenneth C. Budde, CPA is alleged to have caused Stewart Enterprises, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Michael G. Hymel, CPA is alleged to have caused Stewart Enterprises, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Kenneth C. Budde, CPA is alleged to have caused Stewart Enterprises, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Michael G. Hymel, CPA is alleged to have caused Stewart Enterprises, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Kenneth C. Budde, CPA is alleged to have caused Stewart Enterprises, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Michael G. Hymel, CPA is alleged to have caused Stewart Enterprises, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.

Resolutions

First Resolution Date 29-Dec-2008

Related Documents:

34-59172 29-Dec-2008 Administrative Proceeding
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
On December 29, 2008, the SEC instituted settled cease-and-desist proceedings against Stewart Enterprises, Inc., Kenneth C. Budde, CPA, and Michael G. Hymel, CPA, stating: "From 2001 through 2005, Stewart’s public filings with the Commission repeatedly represented that it utilized a delivery method to recognize cemetery merchandise sold prior to the need for a funeral (“pre-need cemetery merchandise”), pursuant to which, upon delivery, Stewart would recognize as revenue the full contract amount paid by the customer. However, Stewart could not readily identify the actual pre-need contract amount and instead developed an estimate of the amount of revenue to be recognized. Stewart’s failure to disclose this methodology of estimating revenues in its public filings with the Commission rendered its financial statements not in conformity with Generally Accepted Accounting Principles (“GAAP”)."

Other Defendants in Action:

Kenneth C. Budde, CPA
Michael G. Hymel, CPA