Integrated Electrical says reaches settlement with SEC
Legal News Center
Integrated Electrical Services on Friday said it reached a settlement with the U.S. regulators related to an investigation alleging violation of certain accounting laws by the company and six former officers.
The settlement does not require Integrated Electrical to make any monetary payments, the company said in a statement.
A civil complaint was filed by the SEC against the company and its employees alleging improper accounting of certain receivables and inadequate disclosure of its contingent liabilities in certain prior periods.
The complaint also alleged that the company failed to properly disclose a change in its policy for bad debt reserves and the resulting write-down of such reserves in 2003 and 2004.
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