Defendant Name: Power Solutions International, Inc.

Defendant Type: Public Company
SIC Code: 9999
CUSIP: 73933G20

Initial Case Details

Legal Case Name In the Matter of Power Solutions International, Inc.
First Document Date 24-Sep-2020
Initial Filing Format Administrative Action
File Number 3-20062
Allegation Type Issuer Reporting and Disclosure
AAER 4169

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• 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)

Resolutions

First Resolution Date 24-Sep-2020
Headline Total Penalty and Disgorgement $1,700,000

Related Documents:

34-89984 24-Sep-2020 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 September 24, 2020, the SEC instituted settled cease-and-desist proceedings against Power Solutions International, Inc. The Commission stated: "This case concerns accounting fraud by former executives of PSI, a publicly traded company that manufactures and sells engines. Gary Winemaster (“Winemaster”), PSI’s former Chief Executive Officer, Craig Davis (“Davis”), PSI’s former Vice President of Sales, and James Needham (“Needham”), PSI’s former General Manager for Industrial, Heavy Duty Products, fraudulently inflated PSI’s revenue in order to try to meet PSI’s prior revenue guidance and analysts’ revenue expectations. As a result of their fraud, PSI issued materially misstated financial statements in its public filings for every period from the fourth quarter of 2014 through the fourth quarter of 2015. Taken together, the fraud caused PSI to overstate its revenues by almost $25 million."
2020-222 24-Sep-2020 Press Release--Administrative Proceeding
Engine Manufacturing Company to Pay Penalty, Take Remedial Measures to Settle Charges of Accounting Fraud
The SEC stated: "Chicago-area engine manufacturing company Power Solutions International Inc., has agreed to settle accounting fraud charges related to the company's overstatement of revenues by almost $25 million."

Related Actions:

SEC v. Gary Winemaster, Craig Davis and James Needham
Gary Winemaster
Craig Davis
James Needham