A Connecticut industrial lighting company has been fined $1.25 million by the Securities and Exchange Commission (SEC) for falsely booking $55 million worth of sales on its financial statements over four years. Four company executives have been fined as well.
Revolution Lighting of Stamford, Conn., improperly used “bill and hold” procedures from 2014 to mid-2018, booking revenue from the sale of industrial lighting equipment for large construction projects without actually shipping it to the customer, the SEC said in its complaint filed Thursday. From 2014 to 2016, bill and hold sales represented 6 percent of Revolution’s revenue, the SEC said.
