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.
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.
-
ArticleFlorida seafood exec faces 10 years for crab claw price fixing
A Florida seafood company executive has pleaded guilty to conspiring with competitors to fix the prices he paid to local fishers, an effort that impacted more than $8 million in wholesale fish and cut the pay of hundreds of fishers, the Department of Justice said.
-
ArticleFormer U.S. clothing business CEO faces 25 years for bribery in Honduras
The former CEO of a Georgia clothing business faces 25 years in prison for bribing Honduran officials to win $10 million in uniform contracts in Honduras, after being caught up in a Department of Justice Anticorruption Task Force.
More from Regulatory Enforcement
-
News BriefDOJ sues Uber over alleged discrimination against disabled riders
The DOJ sued Uber Thursday, alleging it violated the Americans with Disabilities Act (ADA) by denying people with disabilities equal access to its services.
-
ArticleEU targets crypto, fintech firms in push to tackle money laundering
Europe’s banking regulator warns that weak compliance at fintech, regtech, and crypto firms may let money laundering and terrorist financing risks slip through. The EBA also found EU regulators’ approaches are often inconsistent and unclear.
-
ArticleCalifornia, Colorado, and Connecticut launch joint crackdown on privacy violators
California, Colorado, and Connecticut launched a joint enforcement sweep against businesses that fail to honor consumers’ online opt-out requests, the states announced Tuesday.