Defendant Name: TheStreet, Inc.

Defendant Type: Public Company
SIC Code: 2711
CUSIP: 88368Q10

Document Reference: comp22575-1

Document Details

Legal Case Name SEC v. TheStreet, Inc.
Document Name Complaint
Document Date 18-Dec-2012
Document Format Civil Proceeding
Case Number 12-cv-09187
Federal District Court New York, Southern District of New York
Allegation Type Issuer Reporting and Disclosure
Document Summary On December 18, 2012, the SEC filed a complaint against TheStreet, Inc. The SEC alleged that TheStreet failed "to maintain sufficient internal controls over financial reporting, filing false reports, and failing to keep true and accurate books and records. These charges arise from improper revenue recognition throughout 2008 at a former subsidiary ... of TheStreet."

Related Documents:

LR-22575 18-Dec-2012 Litigation Release
SEC Charges TheStreet, Inc. and Former Executives in Connection with Accounting Fraud
On December 18, 2012, the SEC announced that, without admitting or denying the SEC's allegations, theStreet, Inc. as well as Greg Alwin and David Barnett settled the SEC charges and agreed to be permanently enjoined from future violations of the securities laws.
2012-270 18-Dec-2012 Press Release--Civil Action
SEC Charges Financial Media Company and Executives Involved in Accounting Fraud
On December 18, 2012, the SEC charged TheStreet, Inc. and three executives for their roles in accounting fraud that artificially inflated company revenues and misstated operating income to investors. According to the Commission, after acquiring a subsidiary that specializes in online promotions, TheStreet failed to implement internal controls at the subsidiary which enabled accounting fraud. The SEC alleges that TheStreet, along with its individual co-respondents improperly recognized revenue based on sham transactions, used the percentage-of-completion method of revenue recognition without meeting fundamental prerequisites, and prematurely recognized revenue when the subsidiary had not performed actual work.
court_doc3_12-cv-09187 21-Dec-2012 Court Docket Document
Final Judgment as to Defendant TheStreet, Inc.
On December 20, 2012, Federal District Judge John G. Koeltl entered final judgment against TheStreet, Inc. pursuant to the consent of TheStreet, Inc.

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