Defendant Name:
Ixia
Defendant Type:
Public Company
SIC Code:
3825
CUSIP:
45071R10
Document Reference:
33-10302
Document Details
Legal Case Name
In the Matter of Ixia and Victor Alston
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
03-Feb-2017
Document Format
Administrative Proceeding
AAER
3858
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On February 3, 2017 the SEC instituted a settled proceeding against Ixia and Victor Alston for "material misrepresentations and omissions concerning the internal controls of Ixia [...] resulting from a directive by Victor Alston [...] to improperly accelerate the recognition of revenue in contravention of not only those controls but also well-established accounting rules and principles." According to the SEC: "This directive resulted in Alston's fraudulent
misrepresentations, omissions, and certifications concerning Ixia's internal controls, namely Internal Control over Financial Reporting ("ICFR"), as well as concerning Ixia's compliance with those accounting rules and principles in Ixia's filings with the Commission in 2012. In addition, Alston's misconduct resulted in misleading representations and omissions to Ixia's auditors, circumvention of internal accounting controls, and falsification of books and records."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$750,000.00
Shared:
Other Defendants in Action:
