An Illinois renewable energy company will pay $1 million to settle SEC claims it misled investors ahead of its 2010 public offering.

Broadwind Energy, a Cicero-based maker of wind turbines, agreed to pay a $1 million penalty the same day that the Securities and Exchange Commission sued the company, CEO Cameron Drecoll, and CFO Stephanie Kushner in Illinois Federal Court.

The SEC accused Broadwind Energy of failing to disclose a $58 million impairment charge prior to a public offering it made in January 2010.

“In the registration statement for the offering, Broadwind failed to disclose the impairment of intangible assets caused by the severe deterioration of the two most significant customer relationships at its largest subsidiary, Brad Foote Gear Works, Inc.,” the complaint says.

Read more


NEWSLETTER SIGN UP

Get the latest breaking news & specials from Alex Jones and the Infowars Crew.

Related Articles


Comments