SEC orders Koppers Holdings to pay $1.3M for disclosure failures
By 
Adrianne Appel2022-11-01T16:35:00
Koppers, a distributor of treated wood and chemicals, will pay $1.3 million to the Securities and Exchange Commission (SEC) to settle allegations it failed to disclose material information about its debt in fiscal year 2019, according to an order filed Tuesday by the SEC.
The company issued a press release at the end of 2018 stating it would reduce its debt by $80 million in 2019. Koppers announced at year’s end 2019 that it had achieved that goal, and had knocked $81.6 million off its debt, according to the order.
However, the company hadn’t actually reduced that debt because by the end of 2019 it still owed $72 million to vendors, according to the SEC. Koppers delayed paying the vendors to make it appear it had reduced its debt, the SEC alleged.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefDXC Technology fined $8M over non-GAAP disclosures
IT services provider DXC Technology Company agreed to pay an $8 million penalty to settle Securities and Exchange Commission charges it made material misstatements regarding its non-GAAP disclosures over a two-year period.
-
ArticleBoards eager for AI adoption, but governance lags, says former Google AI leader Jen Gennai
A “massive” surge in corporate board interest in adopting AI, coupled with gaps in AI guardrails, was highlighted by Jen Gennai, former founder and leader of responsible AI at Google, speaking Wednesday at Compliance Week’s conference, The Leading Edge: Applying AI and Data Analytics in E&C.
-
ArticleSEC closes FCPA probe into Calavo Growers
The Securities and Exchange Commission has closed its Foreign Corrupt Practices Act investigation into Calavo Growers, three months after the Department of Justice closed its FCPA investigation into the produce and agriculture company.
More from Regulatory Enforcement
-
ArticleSFO head to step down as speculation grows over future of agency
Nick Ephgrave, director of the U.K.’s main anti-corruption enforcement agency, the Serious Fraud Office, will retire at the end of March—about halfway through his appointed five-year term. Experts say he leaves the agency in a lot better position than he joined it in September 2023.
-
News BriefFTC puts GM’s puts connected vehicle data practices under compliance spotlight
The U.S. Federal Trade Commission finalized its order against General Motors and its OnStar subsidiary over the improper usage of geolocation and driving behavior data of drivers.
-
ArticleKaiser plans pay $556M to settle Medicare upcoding allegations
Kaiser Health affiliates have agreed to pay more than $556 million to settle allegations originally made by whistleblowers that they ignored compliance department warnings and unlawfully reworked diagnoses for Medicare patients in order to receive higher payments from the federal government.