Friends;
I don't make this stuff up. If you are thinking about using Tremco, it might be a good idea to read this:
All the games Tremco and Garland play are coming back to haunt them. Like I said, I don't make this stuff up, and only share public record. You are the Judge.
Reject negativity in all forms, and always remember to keep looking "UP".
NOTE: Retired 2003, do not solicit, nor accept, compensation or personal advancement of any kind.'
Respect.
Robert R. "Ron" Solomon
Public Procurement Analyst
Licensed Roofing Consultant
Certified State Contractor
CCC 1325620 Florida
I don't make this stuff up. If you are thinking about using Tremco, it might be a good idea to read this:
RPM International says SEC allegations of fraud about
its fiscal 2013 financial reports 'have no merit'
Updated Sep 13,
2016; Posted Sep 12, 2016
ProductGrouping_DSC_1545.jpg
RPM
International Inc., which makes the products pictured here, says that an SEC
action of accounting fraud in connection with some of its fiscal 2013 financial
reports "have no merit" and stem from "prosecutorial
overreach."(RPM
International Inc.)
Comment
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CLEVELAND,
Ohio -- RPM International
Inc. said that accusations by the Securities and Exchange
Commission that the company and its general counsel did not adequately inform
investors about its fiscal 2013 financial reports "have absolutely no
merit and are the product of prosecutorial overreach."
The SEC
enforcement action, filed on Sept. 9 in U.S. District Court in the District of
Columbia, raises concerns about when RPM disclosed information about its
restatements of its financial results for the first, second, and third quarters
of its fiscal 2013 year ended May 31, 2013.
The 28-page
complaint against RPM and Edward W. Moore, RPM's general counsel and chief
compliance officer, questions RPM's timing in disclosing a Department of
Justice investigation of RPM's Tremco roofing subsidiary.
The
Justice Department said that Tremco Inc., a Beachwood-based manufacturer and supplier
of roofing and waterproofing products and services, "failed to provide the
government with price discounts provided to non-federal government
customers," and that it allegedly marketed expensive materials to
government purchasers without disclosing that the same materials were available
at a lower cost.
RPM settled the DOJ investigation and litigation for $65.1 million
in 2013, and the DOJ said at the time that "the claims
settled by this agreement are allegations only, and there has been no
determination of liability."
The SEC now says
that "A public company facing a loss contingency, such as a lawsuit or a
government investigation, is required under accounting principles and the
securities laws to (1.) disclose the loss contingency if a material loss is
reasonably possible, and (2.) record an accrual for the loss contingency if a
material loss is probable and reasonably estimable," according the
complaint.
The SEC said RPM
faced the possibility of a material loss related to the investigation, but
failed to disclose the loss contingency or record an accrual on its books when
it was required to do so.
The SEC said
Moore, who oversaw RPM's response to the DOJ investigation, knew but did not
disclose to RPM's CEO, chief financial officer, audit committee and outside
auditors "material facts about the investigation."
"As a
result of Moore's misstatements and his failure to disclose key facts regarding
the DOJ investigation," RPM submitted several "false and misleading
filings" to the SEC from October 2012 to December 2013. "These
filings also did not disclose any material weakness in RPM's internal controls
over financial reporting or its disclosure controls when in fact such weakness
existed," according to the complaint.
Consequently,
according the SEC, investors were not informed in a timely manner that material
loss related to the DOJ investigation was "reasonably possible or
probable."
"In August
2014, RPM restated its financial results for three quarters that occurred
during the DOJ investigation and filed amended SEC filings for those
quarters," the SEC said, including its "best estimates of probable
losses related to the investigation."
The SEC says
"RPM violated antifraud, reporting, books and records, and internal
controls provisions of the securities laws" and that "Moore violated
antifraud, books and records, and misleading accountant or auditor provisions
of the securities laws."
RPM Chairman and
Chief Executive Frank C. Sullivan said in a written statement that the
restatements had no impact on the audited results for the fiscal year and that
the company's audit committee concluded that there was no intentional
misconduct on the part of any of its officers.
"We
intend to vigorously defend ourselves and expect our position to be vindicated
in court," he said.
All the games Tremco and Garland play are coming back to haunt them. Like I said, I don't make this stuff up, and only share public record. You are the Judge.
Reject negativity in all forms, and always remember to keep looking "UP".
NOTE: Retired 2003, do not solicit, nor accept, compensation or personal advancement of any kind.'
Respect.
Robert R. "Ron" Solomon
Public Procurement Analyst
Licensed Roofing Consultant
Certified State Contractor
CCC 1325620 Florida
