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Monsanto settles $80 million accounting charges with SEC

Tammy Whitehouse | February 9, 2016

Without admitting or denying wrongdoing, Monsanto Co. has agreed to an $80 million settlement with the Securities and Exchange Commission over charges that it failed to properly report millions of dollars in rebates related to its Roundup weedkiller product line.

The SEC says Monsanto agreed to the penalty and the engagement of an independent compliance consultant to settle accounting violations that led to the misstatement of reported earnings. According to the charges, Monsanto improperly delayed the reporting of nearly $150 million in rebates related to Roundup over 2009, 2010, and 2011. The SEC said Monsanto had insufficient internal controls to properly account for rebates to retailers and distributors after competition undercut the company’s pricing and took a bite out of Monsanto’s market share.

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