UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 93062 / September 20, 2021

ADMINISTRATIVE PROCEEDING

File No. 3-17212

In the Matter of

Logitech International, S.A., 

Michael Doktorczyk, and Sherralyn 

Bolles, CPA,

Respondents.

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ORDER APPROVING SECOND

PLAN OF DISTRIBUTION

The Second Proposed Plan of Distribution (the “Proposed Plan”) provides for the 

distribution of funds remaining in the Fair Fund1 created for the monies paid by Logitech 

International, S.A. (“Logitech”), Michael Doktorczyk (“Doktorczyk”), and Sherralyn Bolles, 

CPA (“Bolles”) (collectively, the “Respondents”) in settlement of the above-captioned 

administrative proceeding.2 

The first plan of distribution was approved by the Commission on October 26, 2018,3 and 

resulted in the full compensation, including reasonable interest, of all eligible claimants who 

purchased shares of Logitech common stock on the Nasdaq Global Select Market. 

Approximately $5 million, comprised of undistributed funds; unused reserves for taxes, fees, and 

expenses; interest; and tax refunds remains in the Fair Fund. 

Rather than remit the remaining funds to the U.S. Treasury,4the Fund Administrator, in 

consultation with Commission staff, determined it feasible to distribute the remaining funds, plus 

interest net a reserve for taxes, fees, and expenses (“Net Available Fair Fund”), to compensate 

investors who purchased Logitech ordinary stock on the SIX Swiss Exchange at inflated prices 

during the period from May 28, 2011 through July 27, 2011, inclusive, and who suffered losses 

in the value of their investment subsequent to disclosures by the Respondents (the “Swiss 

Investors”). 

 

1

 See Order Establishing a Fair Fund, Exchange Act Rel. No. 82783 (Feb. 27, 2018).

2

 See Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 

1934, Making Findings, and Imposing Cease-and-Desist Orders and Penalties, Exchange Act Rel. No. 77644 (Apr. 

19, 2016).

3

 See Order Approving Corrected Plan of Distribution, Exchange Act Rel. No. 84493 (Oct. 26, 2018).

4

 The First Plan provides for the termination of the Fair Fund and remission of the remaining funds to the U.S. 

Treasury after the completion of the distribution.
2

On July 26, 2021, the Director of the Division of Enforcement, pursuant to delegated 

authority, published a Notice of Proposed Second Plan of Distribution and Opportunity for 

Comment (the “Notice”)5 pursuant to Rule 1103 of the Commission’s Rules on Fair Fund and 

Disgorgement Plans (“Commission’s Rules”).6 The Notice advised interested persons that they 

could obtain a copy of the Proposed Plan from the Commission’s public website at 

http://www.sec.gov/litigation/fairfundlist.htm or by submitting a written request to Catherine E. 

Pappas, United States Securities and Exchange Commission, One Penn Center, 1617 JFK Blvd., 

Ste. 520, Philadelphia, PA 19103.

The Notice also advised that all persons desiring to comment on the Proposed Plan could 

submit their comments, in writing, no later than thirty (30) days from the publication of the 

Notice (1) to the Office of the Secretary, United States Securities and Exchange Commission, 

100 F Street, NE, Washington, DC 20549-1090; (2) by using the Commission’s Internet 

comment form (http://www.sec.gov/litigation/admin.shtml); or (3) by sending an e-mail to rulecomments@sec.gov. The Commission received no comments on the Proposed Plan during the 

comment period. 

The Proposed Plan provides for the distribution of the Net Available Fair Fund to the 

Swiss Investors and defer remission of any remaining funds to the U.S. Treasury until 

completion of all distributions under the Proposed Plan. 

The Division of Enforcement now requests that the Commission approve the Proposed 

Plan. 

Accordingly, it is hereby ORDERED, pursuant to Rule 1104 of the Commission’s Rules,7

that the Proposed Plan is approved, and the approved Plan of Distribution shall be posted 

simultaneously with this order on the Commission’s website at www.sec.gov.

For the Commission, by the Division of Enforcement, pursuant to delegated authority.8

Vanessa A. Countryman

Secretary 

 

5

 Exchange Act Rel. No. 92498 (July 26, 2021).

6

 17 C.F.R. § 201.1103.

7

 17 C.F.R. § 201.1104. 

8

 17 C.F.R. § 200.30-4(a)(21)(iv).