Tyco scrutinized by SEC, named in class action suits.
Supply House Times, January, 2000
Tyco International Ltd., a diversified manufacturing and service company, said in a statement that it was advised by the U.S. Securities and Exchange Commission on Dec. 8 that the SEC was conducting a nonpublic, informal inquiry relating to charges and reserves taken in connection with the company's acquisitions.
The day this inquiry was announced, Dec. 9, Tyco shares fell by 25%. On Dec. 10 Tyco shares surged in heavy volume following favorable analysts' reports, according to Reuters.
Brad McGee, senior vice president, said in published accounts that Tyco requested the SEC inquiry in October.
"In light of the recent market activity in our stock, which is not justified by any development at the company, we welcome the opportunity to respond...
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