LANDMARK LAWSUIT FILED AGAINST SEC TO PROTECT ALL WHISTLEBLOWERS

Settlement Obtained With Alternative Energy Company and Executives for Accounting and Disclosure Violations

SEC v. Broadwind Energy, Inc., J. Cameron Drecoll, and Stephanie K. Kushner

2015
1.7 Million

Defendants included a Chicago-area alternative energy company, its former CEO, and its CFO. The SEC found that they delayed reporting a substantial impairment of intangible assets associated with an anticipated reduction of business from two significant customers. The company even conducted a public offering of stock without disclosing the known impairment. When the impairment finally was disclosed, the company’s stock price declined 29 percent.

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SEC Prosecutions

Settlement Obtained With Alternative Energy Company and Executives for Accounting and Disclosure Violations

SEC v. Broadwind Energy, Inc., J. Cameron Drecoll, and Stephanie K. Kushner

Key Docs

Case Materials