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Industry: Email Alert RSS FeedSEC settles Motorola probe. (Business).
RCR Wireless News, December, 2002
WASHINGTON -- The Securities and Exchange Commission said it settled its investigation of Motorola Inc., determining that the company's director of investor relations violated disclosure regulations, but did so under direction from the company's legal counsel. The SEC said that because the legal advice was sought and given in good faith, the company wouldn't face fines or enforcement action.
The SEC investigation stems from calls the company's director of investor relations made to select industry analysts, warning them that the company's public statement of "significant" sales declines actually meant drops of 25 percent or more. Motorola's IR director first consulted the company's legal counsel before making the calls to ensure the move was legal. ...
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