Defendant Name: The Lovesac Company

Defendant Type: Public Company

Document Reference: LR-26166

Document Details

Legal Case Name SEC v. Donna Dellomo, Yoon Um, and The Lovesac Company
Document Name SEC Charges Furniture Company and Two Former Executives with Accounting Violations
Document Date 29-Oct-2024
Document Format Civil Proceeding
Case Number 24-cv-01727
Federal District Court Connecticut, District of Connecticut
Allegation Type Issuer Reporting and Disclosure
Document Summary On October 29, 2024, the SEC stated "that it filed charges against Connecticut-based publicly traded furniture retailer The Lovesac Company, Donna Dellomo, CPA, Lovesac’s former CFO, and YoonUm, CPA, Lovesac’s former controller, for accounting violations in connection with expenses Lovesac incurred shipping its furniture to customers. Lovesac has agreed to a settlement to resolve the claims against it by, among other things, paying a civil penalty of $1.5 million."

Disgorgement & Penalty Information

Resolutions
Injunction
Monetary Penalties:

Civil Penalty

Individual:     $1,500,000.00 Shared:    

Related Documents:

comp26166 29-Oct-2024 Complaint
Complaint
The Commission stated: "This case involves fraudulent accounting treatment of approximately $2.2 million in shipping expenses that led to materially misleading financial statements being filed with the Commission and made available to the investing public."
court_doc46_24-cv-01727 27-Feb-2025 Court Docket Document
Amended Final Judgment as to Defendant the Lovesac Company
The Court stated: "The Securities and Exchange Commission (the "Commission") having filed a Complaint and Defendant The Lovesac Company ("Defendant") 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 Final 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 Final Judgment."

Other Defendants in Action:

Donna Dellomo
Yoon Um