Securities and Exchange Commission v. Evoqua Water Technologies Corp. and Imran Parekh Case No.  1:23-cv-00105-MSM-PAS (D.R.I.) 

On March 13, 2023, the Commission filed a complaint (the “Complaint”) against  Evoqua Water Technologies Corporation (“Evoqua”) and Imran Parekh (“Parekh”) (collectively, the “Defendants”).  The Complaint alleged that from at least the fourth quarter of 2016 through August 2018, Parekh, as the Finance Director of one of Evoqua's divisions, facilitated by Evoqua’s corporate level negligence, violated federal securities laws by engaging in fraudulent accounting practices that resulted in Evoqua improperly reporting materially false revenue amounts in its financial statements filed with the Commission. Furthermore, by failing to disclose these practices to investors or potential investors, Evoqua misled them about the true financial picture of the company. See Complaint.

Without admitting or denying the allegations of the Complaint, the Defendants consented to the entry of final judgments against them which, among other relief, ordered Defendants to pay a total of $8,546,831 in disgorgement, prejudgment interest, and penalties to the Commission. Defendants have paid in full. The Commission was ordered to hold all funds, together with interest and income earned thereon (collectively, the “Fund”), pending further order of the Court. See Evoqua’s Final Judgment, Parekh’s Final Judgments.

On May 20, 2024, the Court entered an order that established a Fair Fund for the $8,546,831 in disgorgement, prejudgment interest, and penalties paid by the Defendants. The Court further ordered the appointment of Miller Kaplan Arase LLP as the Tax Administrator to fulfill the tax obligations of the Fair Fund.

On June 25, 2024, the Court entered an order that appointed Analytics Consulting LLC (“Analytics”) as the Distribution Agent to oversee the administration and distribution of the Fair Fund to harmed investors. See Order here 

For more information, please contact the Commission:

Office of Distributions
Email: ENFOfficeofDistributions@sec.gov