Lovesac to Pay SEC $1.5 Million Over Scheme That Buried Expenses

Bloomberg10-30

(Bloomberg) -- Sectional sofamaker Lovesac Co. agreed to pay $1.5 million to settle US Securities and Exchange Commission allegations that two former executives devised a fraudulent accounting scheme ...

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The pair, both certified public accountants, also withheld information from the company’s outside auditor, it said.The company, which didn’t admit or deny the allegations, didn’t immediately respond to a request for comment.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4095":"家庭装饰品","LOVE":"Lovesac Co."},"translate_title":"Lovesac将就掩盖费用的计划向SEC支付150万美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LOVE":0.9},"content_text":"(Bloomberg) -- Sectional sofamaker Lovesac Co. agreed to pay $1.5 million to settle US Securities and Exchange Commission allegations that two former executives devised a fraudulent accounting scheme to meet a key Wall Street metric.\nThe executives hid $2.2 million of shipping expenses after it was discovered the costs had been incorrectly recorded, the agency said in a statement on Tuesday.\nThe move let the company avoid the expense and public attention of restating prior financial results, and it helped the company hit its gross margin projections, the regulator wrote in settlement documents filed in federal court in Connecticut.\nThat “led to materially misleading financial statements,” the agency said. The pair, both certified public accountants, also withheld information from the company’s outside auditor, it said.\nThe company, which didn’t admit or deny the allegations, didn’t immediately respond to a request for comment.\n©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479267252"}