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Stein Mart charged by SEC with improperly valuing inventories

2015-09-22 20:47:15| Apparel - Topix.net

Stein Mart reduced the value of inventory subject to these markdowns at the time the item was sold rather than immediately at the time the markdown was applied, the SEC said. As a result, Stein Mart materially misstated its pretax income in certain quarterly public filings with the SEC, including an overstatement of almost 30% in the first quarter of 2012, the SEC alleged.

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