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SL Industries Inc. Message Board

  • steve_382n steve_382n Apr 3, 2012 3:19 PM Flag

    SL Industries Discloses FCPA Probe

    Found this in a WSJ blog. Saw it in the recent 10K and PR release, but didn't pay much attention to it.

    April 2, 2012, 2:54 PM
    SL Industries Discloses FCPA Probe

    By C.M. Matthews
    Power technology company SL Industries, Inc. is investigating potential violations of a U.S. antibribery law by employees of its China subsidiaries.
    The Mount Laurel, N.J.-based company said in a regulatory filing Friday that it was investigating whether employees at the subsidiaries “improperly provided gifts and entertainment to government officials.” These practices could run afoul of the Foreign Corrupt Practices Act, which prohibits improper payments to foreign officials.
    SL Industries said it had voluntarily contacted the Department of Justice and the Securities and Exchange Commission, which enforce the FCPA, about its internal investigation. The company said it had agreed to fully cooperate with the agencies.
    A Justice Department spokeswoman declined to comment as did a spokesman for SL Industries. An SEC spokesman didn’t immediately respond to a request for comment.
    The subjects of the internal investigation are employees at the SL Industries’ wholly-owned subsidiaries in China –SL Xianghe Power Electronics Corporation, SL Shanghai Power Electronics Corp. and SL Shanghai International Trading Corporation, the company said. According to the company, the preliminary estimate of the amounts of the gifts and entertainment did not appear to be “material to the company’s financial statements.”
    The company said it had retained outside counsel and forensic accountants to help with the investigation.
    SL Industries, which is listed on the NYSE Amex Equities, manufactures power electronics and other technology equipment. The company said Friday that its net sales from continuing operations were up 12%, to $212.3 million, in 2011.
    The Justice Department and the SEC have been taking an interest in the overseas operations of technology companies recently. The agencies are currently investigating both Oracle Corp. and rival Hewlett-Packard Co. for potential violations of the FCPA.

    http://blogs.wsj.com/corruption-currents/2012/04/02/sl-industries-discloses-fcpa-probe/?mod=WSJBlog&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+wsj/corruption-currents/feed+(WSJ.com:+Corruption+Currents)

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    • I wouldn't have posted the article if I thought it would drop the share price 9%.

      • 1 Reply to steve_382n
      • Steve, I'm not sure you wouldn't have, you are pretty objective. I checked filings, to see if there were any insider trades or changes in positions, but so far no. If stock suddenly shoots up, it could be good epa news, and I am not sure they would announce it since they have not reserved for the 50 million additional.

        Incidentally, Steve, see my post on SPAN board about limit trading, and see if you want to add anything. I tried to get Skip interested, to no avail.

 
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