Defendant Name: Broadwind Energy, Inc.

Defendant Type: Public Company
SIC Code: 2836
CUSIP: 11161T20

Initial Case Details

Legal Case Name SEC v. Broadwind Energy, Inc., J. Cameron Drecoll, and Stephanie K. Kushner
First Document Date 05-Feb-2015
Initial Filing Format Civil Proceeding
Case Number 15-cv-01142
Allegation Type Issuer Reporting and Disclosure
Federal District Court Illinois, Northern District of Illinois

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a)(2)
Additionally, J. Cameron Drecoll is alleged to have controlled Broadwind Energy, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Stephanie K. Kushner is alleged to have controlled Broadwind Energy, Inc.'s violation of Rule 12b-20 of the Exchange Act.
J. Cameron Drecoll is alleged to have controlled Broadwind Energy, Inc.'s violation of Sec 13(a) of the Exchange Act.
Stephanie K. Kushner is alleged to have controlled Broadwind Energy, Inc.'s violation of Sec 13(a) of the Exchange Act.
J. Cameron Drecoll is alleged to have controlled Broadwind Energy, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Stephanie K. Kushner is alleged to have controlled Broadwind Energy, Inc.'s violation of Rule 13a-1 of the Exchange Act.
J. Cameron Drecoll is alleged to have controlled Broadwind Energy, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Stephanie K. Kushner is alleged to have controlled Broadwind Energy, Inc.'s violation of Rule 13a-13 of the Exchange Act.
J. Cameron Drecoll is alleged to have controlled Broadwind Energy, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Stephanie K. Kushner is alleged to have controlled Broadwind Energy, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
J. Cameron Drecoll is alleged to have controlled Broadwind Energy, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Stephanie K. Kushner is alleged to have controlled Broadwind Energy, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.

Resolutions

First Resolution Date 11-Feb-2015
Headline Total Penalty and Disgorgement $1,691,467

Related Documents:

comp-pr2015-24 05-Feb-2015 Complaint
Complaint
On February 5, 2015, the SEC filed a complaint against Broadwind Energy and its then-CEO (J. Cameron Drecoll) and CFO (Stephanie K. Kushner). The SEC alleges that Broadwind Energy engaged in accounting and disclosure violations "arising from its failure to record and disclose a $58 million impairment charge prior to a public offering in January 2010 ... caused by the severe deterioration of the two most significant customer relationships at its largest subsidiary, Brad Foote Gear Works, Inc."
2015-24 05-Feb-2015 Press Release--Civil Action
SEC Charges Chicago-Area Alternative Energy Company for Accounting and Disclosure Violations
On February 5, 2015, the SEC filed a civil action against Broadwind Energy, its then-CEO (J. Cameron Drecoll), and its CFO (Stephanie K. Kushner). Among other things, the SEC alleged that Broadwind engaged in accounting and disclosure violations when the company failed to disclose that it anticipated substantial impairment of intangible assets associated with reduced business from two significant customers. This failure to disclose affected a public offering by Broadwind.
court_doc18_15-cv-01142 11-Feb-2015 Court Docket Document
Final Judgment as to Defendant Broadwind Energy, Inc.
The Court stated: "The Securities and Exchange Commission having filed a Complaint and Defendant Broadwind Energy, Inc. ("Broadwind" or "Defendant") having entered a general appearance; consented to the Court's jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment..."

Other Defendants in Action:

J. Cameron Drecoll
Stephanie K. Kushner

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