RI US Attorney Issues Massive Fine Against Company

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Evoqua Water Technologies has agreed to pay an 8-point-5-million-dollar criminal penalty for securities fraud and making false statements to external auditors.

U.S. Attorney Zachary Cunha says Evoqua deceived investors by claiming it earned revenue when it had not.

The FBI says the settlement should make it clear to companies that they must accurately report their revenue so investors can make a fair assessment of their stock values.

“Today’s settlement should make it clear to companies that we are watching to make sure they are accurately reporting their revenue so investors can make a fair assessment of their stock values. What EVOQUA did in this case by falsely claiming it earned revenue when it did not, seriously undermines the public’s trust in our financial system,” said Jodi Cohen, Special Agent in Charge of the FBI Boston Division. “Investor confidence is essential to keeping our financial markets afloat and the FBI is committed to vigorously investigating complex financial crimes and ensuring corporate accountability.”

The company has not commented about the Rhode Island action.

(Photo Credit: US Attorney's Office)


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