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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-10-31T16:13:00
Georgia-based flooring manufacturer Mohawk Industries disclosed it does not expect to face enforcement from the Securities and Exchange Commission (SEC) regarding allegations of violations of securities laws raised in a class-action lawsuit that the company agreed to pay $60 million to settle.
Mohawk, in a quarterly filing Friday, said it was informed by the SEC in writing on Sept. 6 that the agency did not intend to recommend an enforcement action against the company regarding the matter. Mohawk was also subpoenaed by the U.S. Attorney’s Office for the Northern District of Georgia; the company said it was unaware of any further investigation by the office.
In December, Mohawk agreed in principle to pay the $60 million after plaintiffs in the lawsuit, including the Public Employees’ Retirement System of Mississippi, accused the company and its chief executive officer, Jeffrey Lorberbaum, of making false and misleading statements and omissions about its product quality, sales, and revenues from April 2017 through July 2019.
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News and analysis for the well-informed compliance or audit exec.
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2023-07-26T17:16:00Z By Kyle Brasseur
LPL Financial was fined $3 million as part of a settlement with the Financial Industry Regulatory Authority over alleged supervision failures related to transmittal of customer funds and forged signatures by employees.
2023-04-03T19:21:00Z By Aaron Nicodemus
Three executives at the U.S. subsidiary of Australian defense contractor Austal Limited were charged with accounting fraud for allegedly participating in a three-year scheme to lower cost estimates and prematurely book revenue.
2023-03-07T19:21:00Z By Aaron Nicodemus
U.K.-based mining and minerals company Rio Tinto will pay a $15 million fine to settle charges of violating the Foreign Corrupt Practices Act when it entered into a scheme with a consultant in 2011 to bribe government officials in Guinea.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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