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Technology,
Securities,
Civil Litigation,
Administrative/Regulatory

Jan. 31, 2022

HeadSpin Inc agrees to SEC settlement deal over claims it defrauded investors

HeadSpin’s CEO Manish Lachwani lied about how much revenue the company was generating by falsely inflating its financial metrics and doctoring invoices, the SEC alleged Friday, and the resulting increased valuation of HeadSpin lured in millions of dollars from investors.

The Securities and Exchange Commission has sued and, on the same day, announced a settlement with HeadSpin Inc, a Palo Alto-based company that provides hardware and software tools that allow customers to test their apps to ensure they work on different operating systems and various internet and cellular data networks, over allegations it defrauded its investors.

HeadSpin's CEO Manish Lachwani lied about how much revenue the company was gen...

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