Ener1, Inc., together with its subsidiaries, designs, develops, and manufactures rechargeable lithium-ion batteries and battery pack systems for energy storage in the United States and South Korea. It operates in three segments: Transportation, Grid Energy Storage, and Small Pack. The Transportation segment produces batteries and battery solutions for hybrid electric vehicles, plug-in hybrid electric vehicles, and electric vehicles, as well as trucks and buses. The Grid Energy Storage segment develops and manufactures energy storage applications for utility grid and commercial applications. The Small Pack segment manufactures lithium-ion batteries for customers in the handheld scanner, perso...
New York, NY 10036
Founded in 1985
Securities and Exchange Commission Announces Financial Fraud Case against Logitech International Sa and Ener1, Inc
Apr 19 16
The Securities and Exchange Commission announced a pair of financial fraud cases against companies and then-executives accused of various accounting failures that left investors without accurate depictions of company finances. In one case, Logitech International agreed to pay a $7.5 million penalty for fraudulently inflating its fiscal year 2011 financial results to meet earnings guidance and committing other accounting-related violations during a five-year period. Logitech’s then-controller Michael Doktorczyk and then-director of accounting Sherralyn Bolles agreed to pay penalties of $50,000 and $25,000, respectively, for violations related to Logitech’s warranty accrual accounting and failure to amortize intangibles from an earlier acquisition. The SEC filed a complaint in federal court against Logitech’s then-chief financial officer Erik Bardman and then-acting controller Jennifer Wolf alleging that they deliberately minimized the write-down of millions of dollars of excess component parts for a product for which Logitech had excess inventory in FY11. For Logitech’s financial statements, the two executives falsely assumed the company would build all of the components into finished products despite their knowledge of contrary facts and events. In the other case, three then-executives at battery manufacturer Ener1 agreed to pay penalties for the company’s materially overstated revenues and assets for year-end 2010 and overstated assets in the first quarter of 2011. The financial misstatements stemmed from management’s failure to impair investments and receivables related to an electric car manufacturer. Former CEO and chairman of the board Charles L. Gassenheimer, former chief financial officer Jeffrey A. Seidel, and former chief accounting officer Robert R. Kamischke agreed to pay penalties of $100,000, $50,000, and $30,000, respectively.