Broadwind, Execs Settle SEC Accounting Claims For $1.7M
By Ben Conarck (February 6, 2015, 5:06 PM EST) -- Chicago-area wind turbine producer Broadwind Energy Inc. and two executives agreed Thursday to pay the U.S. Securities and Exchange Commission a combined $1.7 million to settle claims they failed to tell investors about a loss of assets weighing on Broadwind's financial prospects until well after its public offering.
The settlements were submitted to an Illinois federal court on the same day the SEC filed suit claiming Broadwind allegedly failed to disclose a $58 million impairment charge on intangible assets stemming from reduced business with two of its most significant customers until two months after its public stock offering, a revelation that...
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