Defendant Name: iFresh, Inc.

Defendant Type: Public Company

Document Reference: LR-25404

Document Details

Legal Case Name SEC v. iFresh, Inc. and Long Deng
Document Name SEC Charges New York Grocery Supermarket Chain and CEO for Financial Fraud
Document Date 01-Jun-2022
Document Format Civil Proceeding
Case Number 22-cv-03200
Federal District Court New York, Eastern District of New York
Allegation Type Issuer Reporting and Disclosure
Document Summary The SEC stated that: "On May 31, 2022, the Securities and Exchange Commission charged iFresh, Inc.(iFresh), a public issuer and a grocer that operates wholesale businesses and retail supermarkets across New York, Massachusetts, and Florida, with repeatedly filing materially inaccurate financial statements that failed to fully disclose related party transactions connected to its CEO, Long Deng (Deng). The SEC also charged Deng for his alleged misconduct related to the scheme."

Related Documents:

comp25404 31-May-2022 Complaint
Complaint
The SEC stated: "This matter involves accounting fraud, financial reporting violations, and internal control failures by iFresh and its founder and CEO, Long Deng. iFresh and Deng misled the investing public about iFresh’s finances by hiding and misstating information about related party transactions that iFresh entered into with entities owned and controlled by Deng and his brother."
court_doc24_22-cv-03200 17-Oct-2022 Court Docket Document
Judgement as to Defendant iFresh, Inc.
On October 17, 2022, the Court issued a judgment as to Defendant iFresh, Inc., stating: "Defendant iFresh, Inc. ("iFresh") having entered a general appearance; consented to the Court's jurisdiction over Defendant and the subject matter of this action; consented to entry of this Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction and except as otherwise provided herein in paragraph VII); waived findings of fact and conclusions of law; and waived any right to appeal from this Judgment."
court_doc41_22-cv-03200 07-Feb-2024 Court Docket Document
Judgment
The Court ordered that: "judgment is hereby entered against iFresh in the amount of $1,657,478, which consists of $1,002,893 in disgorgement, $104,585 in pre-judgment interest, and $550,000 in civil penalties."

Other Defendants in Action:

Long Deng

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