Defendant Name:
Rollins, Inc.
Defendant Type:
Public Company
SIC Code:
7342
CUSIP:
77571110
Document Reference:
33-11052
Document Details
Legal Case Name
In the Matter of Rollins, Inc., and Paul Edward Northen
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
18-Apr-2022
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On April 18, 2022, the SEC instituted cease-and-desist proceedings against Rollins, Inc., and Paul Edward Northen, stating: "This matter involves improper earnings management practices by Rollins, Inc. (“Rollins”). During the quarterly close process in two quarters—the first quarter of 2016 and the second quarter of 2017—Rollins’ then-Chief Financial Officer, Paul Edward Northen, directed reductions to certain corporate-level accounting reserves for the purpose of enabling the company to publicly report earnings per share (“EPS”) in line with research analysts’ consensus estimates."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$8,000,000.00
Shared:
Other Defendants in Action: