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Power-Save raises eyebrows with the SEC

By   /   Monday, October 19th, 2009  /   Comments Off on Power-Save raises eyebrows with the SEC

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San Luis Obispo-based Power-Save Energy Corp. posted some big revenue gains over the past two years, but financial observers and the Securities and Exchange Commission have criticized the firm for non-existent internal financial controls.

Power-Save’s stock has also lost more than 90 percent of its value in recent months, and the firm was ordered to pay more than $100,000 earlier this year to a former employee who sued, alleging he wasn’t paid as promised.

Power-Save didn’t return repeated requests for comment from the Business Times.

The company makes a line of boxes to attach to the electricity lines coming into consumers’ homes. Power-Save claims the boxes will save consumers 10 percent on their electricity bills on average and up to 25 percent in some cases.

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