Defendant Name:
Volt Information Sciences, Inc.
Defendant Type:
Public Company
Document Reference:
LR-22589
Document Details
Legal Case Name
SEC v. Volt Information Sciences, Inc. and Debra L. Hobbs
Document Name
SEC Charges Volt Information Sciences, Inc. and Two Former Officers with Securities Fraud
Document Date
11-Jan-2013
Document Format
Civil Proceeding
Case Number
13-cv-00237
Federal District Court
New York, Southern District of New York
AAER
3439
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Enjoinment
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Other Defendants in Action: