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News Breaks
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October 15, 2009
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| 13:26 EDT |  | WGOV |
| theflyonthewall.com: | Woodward Governor unit reaches agreement with Department of Justice | | Woodward Governor announced that MPC Products Corporation, a wholly owned subsidiary, has reached an agreement with the U.S. Department of Justice to resolve the criminal and civil claims related to the previously announced investigation of MPC's pre-June 2005 government contract pricing practices. MPC is to pay approximately $25M in restitution and fines, which was previously accrued by Woodward as part of the acquisition; the purchase price for MPC was also reduced by this amount. As part of the negotiated settlement, MPC will also plead guilty to one count of mail fraud related to its pre-June 2005 government contract pricing practices and has agreed to conditions of a two-year probation. :theflyonthewall.com |
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