Defendant Name:
Quantum Corporation
Defendant Type:
Public Company
SIC Code:
3572
CUSIP:
74790650
Document Reference:
34-87812
Document Details
Legal Case Name
In the Matter of Quantum Corporation
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
20-Dec-2019
Document Format
Administrative Proceeding
AAER
4110
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On December 20, 2019, the SEC instituted cease-and-desist proceedings against Quantum Corporation. The SEC stated: "Between the fourth quarter of its 2015 fiscal year (which ended March 31, 2015) and the second quarter of its 2018 fiscal year (which ended September 30, 2017) ("the restatement period"), Quantum recognized revenue from dozens of transactions with channel partners without meeting the necessary revenue recognition criteria under Generally Accepted Accounting Principles ("GAAP"). These errors caused Quantum to materially overstate its revenue for certain reporting periods and to understate its revenue in other periods."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$1,000,000.00
Shared:
