Lime Energy (LIME), U.S. SEC Enter Settlement Over Financial Reporting Probe
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Lime Energy Co. announced that the Securities and Exchange Commission (the “SEC”) has authorized the settlement between the Company and the SEC of the previously-disclosed SEC investigation commenced in 2012 into the Company’s revenue recognition practices and financial reporting from 2010 to 2012. In connection with the settlement process, the SEC filed today a civil complaint against the Company and four former officers in the U.S. District Court for the Southern District of New York.
Without admitting or denying the allegations in the SEC’s complaint, the Company consented to the entry of a final judgment pursuant to which it would pay a civil monetary penalty of $1 million, payable in 5 installments over the next 12 months, to settle the SEC’s claims against the Company. The settlement is subject to Court approval.
There will be no current period financial impact on the Company’s results, as an accrual for this amount was established and expensed in the second fiscal quarter of 2016, as disclosed in the Company’s Quarterly Report on Form 10-Q filed on August 15, 2016.
“This settlement brings a close to a chapter that Lime Energy put behind us several years ago, a matter in which no current Lime Energy employees were involved” said Adam Procell, Lime Energy’s President and Chief Executive Officer. “While it recalls that unfortunate period of time more than 4 years ago, this settlement also causes us to reflect on all that we have accomplished since then, having built the nation’s leading provider of energy services to small and mid-sized businesses, now widely recognized for our integrity, innovation and commitment to serving our communities.”
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Caterpillar (CAT) Offers FY17 Guidance Update at Credit Suisse Conference
- UPDATE: Global Eagle Entertainment (ENT) to Obtain New Credit Facilities; Company in Discussions to Acquire Related Business, Satellite Transponders
- FMSA Holdings Inc. (FMSA) Files Mixed, Common Stock Shelf
Create E-mail Alert Related CategoriesCorporate News, Litigation
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!