Super Micro fixes its mistakes!

Super Micro Computer, Inc concluded their settlement with the United States Securities and Exchange Commission (SEC), resolving an investigation into the Company’s financial accounting and disclosures for fiscal years 2014-2017. The company has already corrected for...

EY looses a new customer!

The Wirecard fraud has cost EY a new customer! Deutsche Bank’s asset-management division, DWS, that went public in 2018 has decided to no longer use EY as its auditor. The reason being that DWS is concerned about getting involved in the potential lawsuits against the...

Under Armour gets a Wells Notice!

Not all is well in the world of Under Armour. The company, its former CEO, Kevin Plank and CFO David Bergman recently received a Wells Notice from the SEC. The notice is related to the company’s use of “pull forward sales” practices (customer sales...

Stock Repurchases

Recently I was involved in a stock repurchase and wanted to share my understanding. A couple of scenarios: An ex-employee had exercised her options a few years ago, company decides to buy back the stock at a price higher than what the employee paid. How do we account...

Luckin Coffee loses its luck!

The Xiamen city based Coffee company, Luckin Coffee, reportedly overstated their sales numbers from April-September 2019 by ~$300 million (or 2.2 billion yuan); which represented the bilk of their reported sales number. The company is conducting an internal...

Eni settles with the SEC

On Friday April 17th, 2020, the US S.E.C said that Eni the Italian Oil and Gas group agreed to settle charges it breached corruption accounting rules over improper payments in Algeria by a former unit Saipen. The allegations were that Saipem paid intermediaries about...

Bitmain IPO: interesting take on Cryptocurrency

Is cryptocurrency an asset for a company that transacts in it? Bitmain Technologies, the world’s largest designer of products used for mining cryptocurrencies, is bringing its IPO to Hong Kong. This has definitely created a lot of buzz in the cryptocurrency filed. It...

Bankrate CFO sentenced to 10 year in prison

Edward DiMaria, the former CFO of Bankrate was sentenced 10 years in prison and asked to pay restitution of $21M for accounting fraud. DiMaria pleaded guilty to one count of conspiracy to making false statement’s to a public company’s accountant and one...

Series A funding: Taxfyle

Coral Gables, Florida-based Taxfyle, an on-demand licensed accounting platform, has raised $4.1 million in Series A funding.

Exxon Mobile cleared by SEC

In a letter the Securities and Exchange Commission sent to Exxon, the commission stated that their investigation was concluded and that the commission doesn’t intend to recommend any enforcement actions. The SEC probe into ExxonMobil was whether the company...