The U.S. Securities and Exchange Commission has sued two former executives of computer accessories maker Logitech International SA, accusing them of deceiving investors in 2011 by inflating the results of an unsuccessful TV set-top device.
In a complaint filed late Monday in San Francisco federal court, the SEC said former chief financial officer Erik Bardman and former acting controller Jennifer Wolf schemed to inflate Logitech’s operating income, causing a $30.7 million overstatement in fiscal 2011, and misled its outside auditor.
In November 2014, Logitech restated its financial results for 2011 and 2012 because of accounting errors related to inventory writedowns for its Revue set-top device, the SEC said.
Reuters.
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