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Browse: Home / 2020 / August / 26 / SEC Charges Super Micro and Former CFO in Connection with Widespread Accounting Violations

SEC Charges Super Micro and Former CFO in Connection with Widespread Accounting Violations

By Securities Docket on August 26, 2020, 8:51 am

According to the SEC’s orders, Super Micro executives, including Hideshima, pushed employees to maximize end-of-quarter revenue, yet failed to devise and maintain sufficient internal accounting controls to accurately record revenue. As a result, the orders find, Super Micro improperly and prematurely recognized revenue, including by recognizing revenue on goods sent to warehouses but not yet delivered to customers, shipping goods to customers prior to customer authorization, and shipping misassembled goods to customers. The orders also find that Super Micro misused its cooperative marketing program, which entitles customers to reimbursement for a portion of cooperative marketing costs. According to the orders, Super Micro improperly reduced the liabilities accrued for the program in order to avoid recognizing a variety of expenses unrelated to marketing, including for Christmas gifts and to store goods.

via SEC.gov | SEC Charges Super Micro and Former CFO in Connection with Widespread Accounting Violations.

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Posted in SEC, Top | Tagged Accounting Fraud

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