Defendant Name:
Stewart Enterprises, Inc.
Defendant Type:
Public Company
SIC Code:
7200
CUSIP:
86037010
Document Reference:
34-59172
Document Details
Legal Case Name
In the Matter of Steward Enterprises, Inc., Kenneth C. Budde, CPA, and Michael G. Hymel, CPA
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
29-Dec-2008
Document Format
Administrative Proceeding
AAER
2913
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On December 29, 2008, the SEC instituted settled cease-and-desist proceedings against Stewart Enterprises, Inc., Kenneth C. Budde, CPA, and Michael G. Hymel, CPA, stating: "From 2001 through 2005, Stewart’s public filings with the Commission repeatedly
represented that it utilized a delivery method to recognize cemetery merchandise sold prior to the
need for a funeral (“pre-need cemetery merchandise”), pursuant to which, upon delivery, Stewart
would recognize as revenue the full contract amount paid by the customer. However, Stewart
could not readily identify the actual pre-need contract amount and instead developed an estimate of
the amount of revenue to be recognized. Stewart’s failure to disclose this methodology of
estimating revenues in its public filings with the Commission rendered its financial statements not
in conformity with Generally Accepted Accounting Principles (“GAAP”)."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Other Defendants in Action:
