Action against Respondents, a drone company and its founder, for the alleged filing of inaccurate financial statements in connection with Respondent company’s planned IPO.  The SEC alleges that information given by Respondents to an auditing firm about a distribution agreement was inaccurate, which caused the recognition of excessive revenue.  Respondent company has agreed to withdraw and certify the withdrawal the registration statement at issue.  Respondent founder has agreed to pay a civil penalty of $10,000.

SEC Order