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Revolution Lighting, Executives Settle Revenue Recognition Suit

Sept. 24, 2020, 4:30 PM

Revolution Lighting Technologies Inc. and four current and former executives will pay nearly $1.6 million combined to resolve SEC allegations of improper revenue recognition, according to filings Thursday in federal court in Connecticut.

The LED lighting firm agreed to settle accusations it fraudulently counted revenue from sales it hadn’t completed, the Securities and Exchange Commission told the U.S. District Court for the District of Connecticut. CEO Robert LaPenta, former chief financial officer James DePalma, and former division-level CFOs Allen Garner and Daniel O’Neal also settled with the agency.

“From the fourth quarter of fiscal year 2014 to the second quarter ...