Defendant Name: Volt Information Sciences, Inc.

Defendant Type: Public Company
SIC Code: 9999
CUSIP: 92870310

Document Reference: comp22589-volt

Document Details

Legal Case Name SEC v. Volt Information Sciences, Inc. and Debra L. Hobbs
Document Name Complaint
Document Date 10-Jan-2013
Document Format Civil Proceeding
Case Number 13-cv-00237
Federal District Court New York, Southern District of New York
Federal District Judge Alvin K. Hellerstein
Allegation Type Issuer Reporting and Disclosure
Document Summary On January 10, 2013, the SEC filed a complaint alleging that Volt Information Sciences, Inc. "overstated Volt's 2007 fourth-quarter and year-end revenue and consolidated net income by improperly recording $7.55 million as earned revenue."

Related Documents:

LR-22589 11-Jan-2013 Litigation Release
SEC Charges Volt Information Sciences, Inc. and Two Former Officers with Securities Fraud
On January 11, 2013, the SEC published a litigation release in this matter. According to the release "the Commission filed a settled civil action against Volt and Debra L. Hobbs ('Hobbs'), the former chief financial officer of the Volt subsidiary where the fraud originated. Without admitting or denying the complaint's allegations, Volt agreed to be enjoined from violating Section 17(a) of the Securities Act , and Sections 10(b),13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Exchange Act Rules 10b-5, 12b-20, 13a-1, and 13a-11. The Company cooperated during the Commission's investigation and has undertaken significant remediation efforts." The SEC's alleged that Volt's financial statements improperly reported revenue that "had not been earned and was not recognizable under U.S. Generally Accepted Accounting Principles."
court_doc3_13-cv-00237 18-Jan-2013 Court Docket Document
Final Judgment as to Defendant Volt Information Sciences, Inc.
On January 14, 2013, Federal District Judge Alvin K. Hellerstein entered final judgment against Volt Information Sciences, Inc. pursuant to the consent of Volt Information Sciences, Inc.

Other Defendants in Action:

Debra L. Hobbs

Related Actions:

SEC v. Jack J. Egan, Jr., C.P.A.
Jack J. Egan, Jr.
In the Matter of John ("Jack") J. Egan, Jr., CPA
Jack J. Egan, Jr.
In the Matter of Debra L. Hobbs, CPA
Debra L. Hobbs, CPA