Terex Completes SEC Settlement of 2000 To 2004 Accounting Issues
WESTPORT, CT, August 12, 2009 –Terex Corporation (NYSE: TEX) today announced that the previously announced agreement in principle it has reached with the Staff of the United States Securities and Exchange Commission (“SEC”), has now been approved by the Commission. This agreement is subject to court approval, and will become final upon entry by the court of a final decree. This settlement concludes the SEC’s investigation of Terex related mainly to (1) certain transactions between Terex and United Rentals, Inc. that took place in 2000 and 2001, and one transaction between United Rentals, Inc. and one of Terex’s subsidiaries that took place in 2001 before that subsidiary was acquired by Terex, and (2) the circumstances of the restatement of certain of Terex’s financial statements for the years 2000-2004.
Under the terms of the settlement, Terex consented, without admitting or denying the SEC’s allegations, to the entry of a judgment which enjoins Terex from committing or aiding and abetting any future violations of the anti-fraud, books and records, reporting and internal control provisions of the federal securities laws and related SEC rules. Terex is also required to pay a civil penalty of $8 million for which Terex recorded a charge in its quarter ended June 30, 2009. The settlement resolves all matters relating to the potential liability of Terex, but does not address current or former employees of Terex…read the rest of the article here.