Bardman
Securities & Exchange Commission v. Bardman
Opinion
Lead Opinion
Tigar, J.
ORDER DENYING MOTION TO DISMISS
Before the Court is Defendant Erik K. Bardman’s motion to dismiss the Tenth Claim for Relief in the Securities and Exchange Commission’s (“SEC”) First Amended Complaint (FAC). ECF No. 44. The Court will deny the motion.
I. FACTS RELEVANT TO THE CURRENT MOTION TO DISMISS
The SEC brought this case alleging that Logitech International, S.A. (“Logitech”) fraudulently overstated its operating income, falsely represented that Logitech’s accounting complied with Generally Accepted Accounting Principles (“GAAP”), and misrepresented to Logitech’s auditors the condition of Logitech’s parts inventory and other material facts. During the relevant time period, Defendant Erik K. Bard-man was Logitech’s Senior Vice President of Finance and Chief Financial Officer (CFO), and Defendant Jennifer F. Wolf was its Acting Controller.
“On April 27, 2011, Logitech issued a press release concerning its financial results for the fiscal year that ended March 31, 2011.” ECF No. 42 (FAC) ¶50. On April 28, 2011, Bardman signed a Form 8-K, which 'included the press release, and timely furnished it to the SEC as required by the Security Exchange Act Rule 13a-ll (Exchange…