Defendant Name: PACCAR

Defendant Type: Public Company

Document Reference: LR-22711

Document Details

Legal Case Name SEC v. PACCAR Inc. et al.
Document Name SEC Charges Fortune 200 Company for Accounting Deficiencies
Document Date 03-Jun-2013
Document Format Civil Proceeding
Case Number 13-cv-00953
Federal District Court Washington, Western District of Washington
AAER 3462
Allegation Type Issuer Reporting and Disclosure
Document Summary On June 3, 2013, the SEC published a litigation release regarding its civil action against PACCAR and its subsidiary PACCAR Financial Corp. According to the SEC, PACCAR and its subsidiary PACCAR Financial Corp. agreed to settle the SEC's charges. Subject to the court's approval, PACCAR agreed to the entry of a permanent injunction from its violation of Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act, and to pay a $225,000 penalty.

Disgorgement & Penalty Information

Resolutions
Injunction
Remedial Acts or Efforts Before the Resolution

Related Documents:

comp-pr2013-99 03-Jun-2013 Complaint
Complaint
On June 3, 2013, the SEC filed a civil action against PACCAR Inc. and its wholly owned subsidiary PACCAR Financial Corp. for internal accounting deficiencies. The SEC complaint stated that: "This case concerns financial reporting, books and records, and internal controls violations by PACCAR Inc. ('PACCAR' or the 'Company'), a commercial truck manufacturer based in Bellevue, Washington, and its wholly-owned subsidiary, PACCAR Financial Corp.... The accounting deficiencies stem from three separate and distinct issues. First, from 2008 through the third quarter of 2012, PACCAR failed to report the operating results for its parts business as a reportable segment, as required by Generally Accepted Accounting Principles (GAAP). Because PACCAR failed to report its parts business as a separate segment, its financial reports did not contain certain information about its parts business separate and apart from the truck business, and accordingly readers of its reports may not have been able to understand PACCAR's business as seen by the Company's executives.... Second, during 2009 PACCAR and PFC failed to maintain accurate books and records regarding their impaired loans and leases. As a result, PACCAR's and PFC's disclosures of impaired receivables and the specific reserves associated with these receivables in the notes to the financial statements filed with SEC Form 10-K filings were understated.... Third, PACCAR made overstatements in equal and offsetting amounts to loan and lease originations and collections for two foreign subsidiaries in its statement of cash flows for two quarters in 2009."
2013-99 03-Jun-2013 Press Release--Civil Action
SEC Charges Fortune 200 Company for Accounting Deficiencies
On June 3, 2014, the SEC charged PACCAR Inc. and its subsidiary PACCAR Financial Corp. for various accounting deficiencies that obscured their financial reporting to investors. According to the Commission, "PACCAR's internal accounting controls included ineffective procedures that kept the company from adhering to various accounting rules."
court_doc6_13-cv-00953 18-Jul-2013 Court Docket Document
Final Judgment as to Defendant PACCAR Inc
On July 18, 2013, Federal District Judge John C. Coughenour entered final judgment against PACCAR Inc. pursuant to the SEC and PACCAR Inc.'s consent.

Other Defendants in Action:

PACCAR Financial Corp.