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News Breaks
August 1, 2014
15:09 EDTBGCGeneral Cable reports SEC subpoenas related to formal investigation
General Cable stated in a regulatory filing that, as previously disclosed, the company conducted internal investigations, subject to the oversight of the Audit Committee of the company's board of directors and with the assistance of external counsel, relating to matters addressed in the amended Forms 10-K and Forms 10-Q the Company filed in March 2013 and January 2014. The company voluntarily contacted the SEC to advise it of the company's initial internal investigations, and the company has provided information on an ongoing basis as the company's internal investigations proceeded. The SEC has issued a formal order of investigation. Pursuant to that formal order, the SEC has issued subpoenas to the company seeking relevant documents and to certain current and former employees seeking their testimony. "The company continues to cooperate with the SEC in connection with its investigation. Any determination that the company's operations or activities are not in compliance with existing laws or regulations could result in the imposition of substantial fines, civil and criminal penalties, and equitable remedies, including disgorgement and injunctive relief. Because the government investigations and our review regarding the Angola matter are ongoing, the company is unable to predict their duration, scope, results, or consequences. At this time, the company is unable to make an estimate of the amount of loss, if any, or range of possible loss that the company could incur as a result of the foregoing matters," the company stated.
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