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Last Week's Events Provide Reminder On SEC Probes

Bruce Carton | March 16, 2004

Corporate executives, spokespersons and counsel should be aware that the period immediately following an SEC investigation needs be treated as the "No-Spin Zone."

Consider last week's rollercoaster ride at AGCO Corp., which is a $3.5 billion farm equipment manufacturer.

Statement And Retraction

On Wednesday, March 10, 2004, AGCO Corp., which had been the subject of an informal SEC inquiry into its accounting practices, received great news in a letter from the SEC that stated:

This [the previously announced] inquiry has been terminated, and no enforcement action has been recommended to the Commission. We are providing this information under the guidelines in the final paragraph of Securities Act Release No. 5310 ...

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