West Marine settles with SEC, no penalties assessed - Trade Only Today

West Marine settles with SEC, no penalties assessed


West Marine reached a settlement with the Securities and Exchange Commission related to an investigation into the company's restatement of its financial results for fiscal years 2002 through 2005 and for the first three quarters of fiscal year 2006.

The restatement resulted from a company-initiated review in 2007, during which the West Marine identified and corrected its accounting for indirect inventory cost capitalization.

"After nearly two years of cooperating with the SEC's staff, we are very pleased to report that no fines, penalties or other monetary sanctions were assessed against the company," CEO Geoff Eisenberg said in a statement. "We also understand that the SEC is not proceeding against any of the company's past or current associates or directors."

"We are extremely pleased to have this matter finally behind us as we continue to focus our efforts on doing an outstanding job in support of our customers, associates and shareholders," he added.

Click here to read the full release.


Advocating for Our Industry

A large portion of the Congressional Boating Caucus members are up for reelection next week.

Quick Hits: October 26, 2020

Hydro-Turf acquired; Brunswick elects new director of board member.

Wholesale Boat Shipments Remain Strong

August had the fourth highest single-month total of new boat wholesale shipments in a decade.

Volvo Penta’s Christine McKone Named Top 40 Under 40

The Virginian-Pilot released the list last week.

Galati Opens Fort Lauderdale Office

The Bahia Mar location will focus on brokerage yacht sales.

Yanmar Brings Diesel Power to Wake Boat Segment

Engine manufacturer offers first fully integrated diesel option in partnership with Nautique.

GOST Unveils Updates Ahead of FLIBS

Marine security leader teases updated interface and more powerful satellite tracking antennas.

Virtual Edition of Metstrade Boat Builder Awards Announced for 2020

The awards will acknowledge challenges and resolve of the marine industry during the pandemic.