SAN FRANCISCO—In a case involving a number of issues of first impression in the Ninth Circuit, the Securities and Exchange Commission will get a second shot at pursuing claims against two executives from defunct Southern California water treatment company Basin Water.
The U.S. Court of Appeals for the Ninth Circuit on Wednesday reversed a trial win for the executives—former Basin Water CEO Peter Jensen and former CFO Thomas Tekulve Jr.—who were accused of misstating company revenues to prop up stock prices.
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