Ex-Power Solutions CEO, Manager Must Face SEC Accounting Suit

March 29, 2021, 11:37 PM

Power Solutions International Inc.'s former CEO and a general manager failed to convince a federal judge in Illinois to throw out an SEC suit accusing them of accounting fraud on Monday.

Ex-CEO Gary Winemaster and former general manager of the company’s industrial and heavy duty products division James Needham must face the Securities and Exchange Commission’s suit because the agency properly alleged they took part in a $25 million artificial revenue inflation scheme, the U.S. District court for the Northern District of Illinois said.

Winemaster and Needham argued that many of the misstated revenue numbers identified in the SEC ...

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