Defendant Name:
CIRCOR International, Inc.
Defendant Type:
Public Company
SIC Code:
3492
CUSIP:
17273K10
Document Reference:
34-100934
Document Details
Legal Case Name
In the Matter of CIRCOR 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
05-Sep-2024
Document Format
Administrative Proceeding
AAER
4516
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 5, 2024, the SEC instituted settled cease-and-desist proceedings against CIRCOR International, Inc., stating: "This matter involves financial reporting, books and records, and internal accounting controls failures by CIRCOR, a Massachusetts-based formerly publicly traded company. Between 2019 and 2021, CIRCOR failed to devise and maintain a sufficient system of internal accounting controls, which, in turn, permitted a former finance director at a United Kingdom-based subsidiary to manipulate CIRCOR's books and records by artificially inflating its net assets and operating income by millions of dollars. CIRCOR's management failed to detect the former finance director's misconduct for several years because of the company's deficient control environment. During that time, CIRCOR filed numerous materially misstated financial statements with the Commission that were included in various periodic reports."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Other Undertakings: "Respondent undertakes to: a. Cooperate fully with the Commission in any and all investigations, litigations or other proceedings relating to or arising from the matters described in this Order."
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
