SEC Charges Koppers Holdings Inc. for Materially Misleading Statements Regarding Non-Gaap Financial Measures.

https://www.sec.gov/enforce/33-11129-s

ADMINISTRATIVE PROCEEDING
File No. 3-21223
November 1, 2022 - The Securities and Exchange Commission ("Commission" or "SEC") today announced settled charges against Koppers Holdings Inc. ("Koppers") for failing to disclose material information about two non-GAAP financial measures the company highlighted regarding its debt reduction efforts. Specifically, the Commission's Order finds that Koppers failed to disclose that it achieved its debt reduction targets by withholding substantial past-due vendor payments in its 2019 fiscal year.

The Order finds that throughout its fiscal year 2019, Koppers emphasized the importance of debt reduction and used two non-GAAP financial measures - net debt and net leverage ratio - to measure its progress. For 2019, Koppers announced in press releases that it intended to reduce its net debt by at least $80 million and its net leverage ratio to approximately 4 times trailing twelve month adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization). Notwithstanding missing its earnings guidance for the year, Koppers announced that it had met its debt reduction goals. However, Koppers did not disclose that to achieve these targets, the company delayed making material amounts of overdue payments to its vendors. At fiscal year-end 2019, Koppers withheld approximately $72 million in past due vendor payments, which corresponded to over 85% of its reported $81.6 million net debt reduction. Koppers then paid those past due invoices the week after the end of the reporting period through a drawdown of its revolving line of credit, thereby reversing most of its reported 2019 net debt reduction. Koppers' net debt reduction therefore was only temporary and reversed soon after the close of each reporting period of 2019. Without these actions, Koppers would not have achieved the 2019 year-end debt reduction goal it had highlighted to investors.

The SEC's order finds that Koppers violated the antifraud provision of the federal securities laws of Section 17(a)(3) of the Securities Act, and the reporting provisions of Section 13(a) of the Exchange Act and Rules 12b-20 and 13a-11 thereunder, and Rule 100(b) of Regulation G of the Exchange Act. Without admitting or denying the SEC's findings, Koppers consented to a cease-and-desist order and a civil penalty of $1.3 million.

The investigation was conducted by Sean Whittington and Eugene Bull, assisted by David Estabrook, and supervised by Carolyn Welshhans and Laura Josephs.

Order:

https://www.sec.gov/litigation/admin/2022/33-11129.pdf

News: $KOP Koppers Holdings Inc (KOP) Q2 2020 Earnings Call Transcript

Image source: The Motley Fool. Koppers Holdings Inc   (NYSE: KOP) Q2 2020 Earnings Call Jul 27, 2020 , 11:00 a.m. ET Operator Continue reading

Read the whole news KOP - Koppers Holdings Inc (KOP) Q2 2020 Earnings Call Transcript

News: $KOP Koppers Holdings Inc. Reports Preliminary Second Quarter 2020 Results; Provides 2020 Outlook

PITTSBURGH , July 27, 2020 /PRNewswire/ -- Koppers Holdings Inc. (NYSE: KOP), an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds, today reported preliminary net income attributable to Koppers for the second quarter of $29.2 million ...

Find out more KOP - Koppers Holdings Inc. Reports Preliminary Second Quarter 2020 Results; Provides 2020 Outlook

KOP is underrated. They dumped a Chinese factory just in time and realized a $60 million profit. Smart move ....

News: $KOP Koppers Holdings Inc (KOP) Q3 2019 Earnings Call Transcript

Image source: The Motley Fool. Koppers Holdings Inc   (NYSE: KOP) Q3 2019 Earnings Call Nov 7, 2019 , 11:00 a.m. ET Operator Continue reading

Find out more KOP - Koppers Holdings Inc (KOP) Q3 2019 Earnings Call Transcript

News: $KOP Koppers Holdings Inc. Reports Third Quarter 2019 Results

PITTSBURGH , Nov. 7, 2019 /PRNewswire/ -- Koppers Holdings Inc. (NYSE: KOP), an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds, today reported net income attributable to Koppers for the third quarter of $19.8 million , or $0.94 per di...

Read the whole news KOP - Koppers Holdings Inc. Reports Third Quarter 2019 Results

News: $KOP Koppers Holdings Inc. Reports Second Quarter 2019 Results

PITTSBURGH , Aug. 8, 2019 /PRNewswire/ -- Koppers Holdings Inc. (NYSE: KOP), an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds, today reported net income attributable to Koppers for the second quarter of $14.7 million , or...

In case you are interested Koppers Holdings Inc. Reports Second Quarter 2019 Results

News: $KOP Koppers Holdings Inc. Reports First Quarter 2019 Results

PITTSBURGH , May 3, 2019 /PRNewswire/ -- Koppers Holdings Inc. (NYSE: KOP), an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds, today reported net income attributable to Koppers for the first quarter of $11.5 million , or $0.55 pe...

Got this from https://marketwirenews.com/news-releases/koppers-holdings-inc-reports-first-quarter-2019-results-8109488.html

KOP RSI is 33 With a Gap down in the chart that needs to be filled. I bet they get some serious business from Hurricane Florence and stop the slide soon.

Bought some KOP calls today. Company has done very well post Natural disaster and run Hard each of the past 2 years Sept-March. Way undervalued here..

Nice post

KOP- high innstitutional ownership

Inst Own 91.50%

KOP- 40ma Weekly

KOP- golden crossover coming up................................

KOP- Target price $31-$33

KOP- looks like a good play here for awhile, DYDD

Doing very well here today. :)

~ Thursday! $KOP ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $KOP ~ Earnings expected on Thursday *
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Koppers Holdings Inc. (Koppers) is an integrated provider of carbon compounds and commercial wood treatment products and services. The Company’s products are used in a range of applications in a range of end markets, including aluminum, railroad, specialty chemical, utility, rubber, concrete and steel industries. It operates in two segments: Carbon Materials & Chemicals and Railroad & Utility Products. Koppers serves its customers through a global manufacturing and distribution network, with manufacturing facilities located in the United States, Australia, China, the United Kingdom, the Netherlands and Denmark. Through its Carbon Materials & Chemicals business, Koppers processes coal tar into a range of products, including carbon pitch, creosote, naphthalene and phthalic anhydride. Through its Railroad & Utility Products business, the Company is a supplier of railroad crossties to the North American railroads. On March 1, 2010, the Company acquired Cindu Chemicals B.V.

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