Evoqua Water Pays $8.5 Million to Settle SEC Charges
13 Mars 2023 - 3:38PM
Dow Jones News
By Will Feuer
Evoqua Water Technologies Corp. has agreed to pay a civil
penalty of $8.5 million over charges of improper accounting and
misleading investors that were brought by the U.S. Securities and
Exchange Commission.
The SEC said that Evoqua Water's former division-level finance
director, Imran Parekh, engaged in fraudulent accounting practices
that resulted in Evoqua improperly reporting materially false
revenue figures in filings from 2017 to 2018.
Mr. Parekh has also agreed to settle the charges. Monetary and
other relief against Mr. Parekh would be left to a later decision
by the court, the SEC said.
The SEC's complaint alleged that Mr. Parekh inflated Evoqua's
revenue by improperly accounting for so-called "bill-and-hold"
transactions, for which Evoqua recognized revenue from the sale of
filtration products earlier than permitted.
The complaint further alleges that negligent conduct at Evoqua's
corporate level facilitated Mr. Parekh's improper accounting
practices.
As a result, Evoqua improperly reported nearly $12 million of
additional expected revenue for its fiscal 2017 in its registration
statement and its initial public offering prospectus, the SEC
said.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
March 13, 2023 10:23 ET (14:23 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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