Defendant Name:
Power Solutions International, Inc.
Defendant Type:
Public Company
SIC Code:
9999
CUSIP:
73933G20
Document Reference:
34-89984
Document Details
Legal Case Name
In the Matter of Power Solutions International, Inc.
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
24-Sep-2020
Document Format
Administrative Proceeding
AAER
4169
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 24, 2020, the SEC instituted settled cease-and-desist proceedings against Power Solutions International, Inc. The Commission stated: "This case concerns accounting fraud by former executives of PSI, a publicly traded company that manufactures and sells engines. Gary Winemaster (“Winemaster”), PSI’s former Chief Executive Officer, Craig Davis (“Davis”), PSI’s former Vice President of Sales, and James Needham (“Needham”), PSI’s former General Manager for Industrial, Heavy Duty Products, fraudulently inflated PSI’s revenue in order to try to meet PSI’s prior revenue guidance and analysts’ revenue expectations. As a result of their fraud, PSI issued materially misstated financial statements in its public filings for every period from the fourth quarter of 2014 through the fourth quarter of 2015. Taken together, the fraud caused PSI to overstate its revenues by almost $25 million."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Various Undertakings
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$1,700,000.00
Shared:
