Defendant Name: Conn's Inc.

Defendant Type: Public Company

Document Reference: LR-24532

Document Details

Legal Case Name SEC v. Conn's Inc. and Michael J. Poppe
Document Name SEC Charges Conn's Inc. and Its Former COO for Improper Accounting Practices
Document Date 15-Jul-2019
Document Format Civil Proceeding
Case Number 19-cv-02534
Federal District Court Texas, Southern District of Texas
Allegation Type Issuer Reporting and Disclosure
Document Summary The Commission stated: "The Securities and Exchange Commission today announced settled charges against Conn's Inc., a Texas-based specialty retailer that offers consumer goods and credit financing primarily to credit-restrained customers, and its former Chief Operating Officer for improper accounting practices."

Disgorgement & Penalty Information

Resolutions
Injunction
Monetary Penalties:

Civil Penalty

Individual:     $1,100,000.00 Shared:    

Related Documents:

comp24532 15-Jul-2019 Complaint
Complaint
The Commission stated: "From the second quarter of fiscal 2013 through the second quarter of fiscal 2015 . . . Defendants understated the allowance for doubtful accounts and overstated income on Conn's financial statements. These errors resulted from: (1) Conn's use of a model to forecast its allowance for doubtful accounts that included management bias; and (2) the negligent application of that model by Conn's management, including Poppe, then the Chief Operating Officer of Conn's."
court_doc6_19-cv-02534 16-Jul-2019 Court Docket Document
Final Judgment as to Defendant Conn's, Inc.

Other Defendants in Action:

Michael J. Poppe