Defendant Name: Power Solutions International, Inc.

Defendant Type: Public Company

Document Reference: 2020-222

Document Details

Legal Case Name In the Matter of Power Solutions International, Inc.
Document Name Engine Manufacturing Company to Pay Penalty, Take Remedial Measures to Settle Charges of Accounting Fraud
Document Date 24-Sep-2020
Document Format Administrative Proceeding
File Number 3-20062
Allegation Type Issuer Reporting and Disclosure
Document Summary The SEC stated: "Chicago-area engine manufacturing company Power Solutions International Inc., has agreed to settle accounting fraud charges related to the company's overstatement of revenues by almost $25 million."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Other Compliance Related Undertaking
Monetary Penalties:

Civil Penalty

Individual:     $1,700,000.00 Shared:    

Related Documents:

34-89984 24-Sep-2020 Administrative Proceeding
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
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."

Related Actions:

SEC v. Gary Winemaster, Craig Davis and James Needham
Gary Winemaster
Craig Davis
James Needham