Defendant Name:
iFresh, Inc.
Defendant Type:
Public Company
SIC Code:
9999
CUSIP:
44953810
Initial Case Details
Legal Case Name
SEC v. iFresh, Inc. and Long Deng
First Document Date
31-May-2022
Initial Filing Format
Civil Proceeding
Case Number
22-cv-03200
Allegation Type
Issuer Reporting and Disclosure
Federal District Court
New York, Eastern District of New York
Violations Alleged
•
Sec 17(a) (Not specified)
Additionally,
Long Deng is alleged to have aided and abetted iFresh, Inc. 's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Long Deng is alleged to have aided and abetted iFresh, Inc. 's violation of Rule 12b-20 of the Exchange Act.
Long Deng is alleged to have aided and abetted iFresh, Inc. 's violation of Sec 13(a) of the Exchange Act.
Long Deng is alleged to have aided and abetted iFresh, Inc. 's violation of Rule 13a-1 of the Exchange Act.
Long Deng is alleged to have aided and abetted iFresh, Inc. 's violation of Sec 13(b)(2)(A) of the Exchange Act.
Long Deng is alleged to have aided and abetted iFresh, Inc. 's violation of Sec 13(b)(2)(B) of the Exchange Act.
Long Deng is alleged to have aided and abetted iFresh, Inc. 's violation of Sec 17(a) (Not specified) of the Securities Act.
Resolutions
First Resolution Date
17-Oct-2022
Headline Total Penalty and Disgorgement
$1,657,478
Related Documents:
Complaint
The SEC stated: "This matter involves accounting fraud, financial reporting violations, and internal
control failures by iFresh and its founder and CEO, Long Deng. iFresh and Deng misled the
investing public about iFresh’s finances by hiding and misstating information about related party
transactions that iFresh entered into with entities owned and controlled by Deng and his brother."
SEC Charges New York Grocery Supermarket Chain and CEO for Financial Fraud
The SEC stated that: "On May 31, 2022, the Securities and Exchange Commission charged iFresh, Inc.(iFresh), a public issuer and a grocer that operates wholesale businesses and retail supermarkets across New York, Massachusetts, and Florida, with repeatedly filing materially inaccurate financial statements that failed to fully disclose related party transactions connected to its CEO, Long Deng (Deng). The SEC also charged Deng for his alleged misconduct related to the scheme."
Judgement as to Defendant iFresh, Inc.
On October 17, 2022, the Court issued a judgment as to Defendant iFresh, Inc., stating: "Defendant
iFresh, Inc. ("iFresh") 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 Judgment without
admitting or denying the allegations of the Complaint (except as to jurisdiction and except as
otherwise provided herein in paragraph VII); waived findings of fact and conclusions of law; and
waived any right to appeal from this Judgment."
Judgment
The Court ordered that: "judgment is hereby entered against iFresh in the amount of $1,657,478, which consists of $1,002,893 in disgorgement, $104,585 in pre-judgment interest, and $550,000 in civil penalties."
Other Defendants in Action:
