Defendant Name:
CSK Auto Corporation
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
O’Reilly Automotive Inc.
SIC Code:
5530
CUSIP:
67103H10
Document Reference:
33-9032
Document Details
Legal Case Name
In the Matter of CSK Auto Corporation
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
26-May-2009
Document Format
Administrative Proceeding
AAER
2974
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On May 26, 2000, the SEC instituted settled cease-and-desist proceedings against CSK Corporation. The SEC stated: "This case involves a financial reporting fraud at CSK during the company’s fiscal years
2002, 2003, and 2004. Specifically, CSK, through its former chief operating officer, former chief
financial officer, former controller, and former director of credits and receivables (all of whom
left CSK in 2006), materially overstated the company’s income by (i) failing to write off vendor
allowance receivables when they knew, or should have known, the receivables were
uncollectible, and (ii) improperly recognizing certain vendor allowances during fiscal year 2003.
CSK’s failure to write off vendor allowances and improper recognition of vendor allowances in
2003 were contrary to Generally Accepted Accounting Principles (“GAAP”)."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution