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Rockwell To Forfeit $1.8 Million In Profit In Settlement With SEC

DOW JONES NEWSWIRES Rockwell Automation Inc. (ROK) said it will forfeit $1.8 million in profit as part of a settlement with the Securities and Exchange Commission tied to charges that it violated provisions of the U.S. Foreign Corrupt Practices Act in 2006 and earlier. The maker of factory-automation equipment and software also will pay a $400,000 fine plus interest. Shares were down 2.1% at $85.18 in recent trading. The stock is up by more than one-third in the past year. The company in November 2006 said it was reviewing actions that involved payments for non-business travel expenses and other business arrangements involving potentially improper payment methods for legitimate business expenses. Rockwell voluntarily disclosed the review to the SEC in 2006. The charges also include earlier alleged incidents at a subsidiary in China that was sold in a larger $1.8 billion sale of its Power Systems business to Baldor Electric Co. (BEZ) in early 2007. The Foreign Corrupt Practices Act prohibits, among other things, U.S. companies from bribing foreign officials in order to obtain business. "These incidents, while isolated, have led us to heighten our vigilance and further improve our training," Chairman and Chief Executive Keith D. Nosbusch said. Rockwell last week reported that its fiscal second-quarter profit rose 21% on double-digit percentage growth at its architecture and software business and its control-products unit. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; [email protected]

Stock News for Rockwell Automation (ROK)
01/12/201711:58:00Rockwell Automation to Report Fiscal 2017 First Quarter Results
01/11/201708:46:53Current Report Filing (8-k)
01/11/201708:30:00Rockwell Automation Names Patrick Goris Chief Financial Officer;...
01/04/201714:52:29Statement of Changes in Beneficial Ownership (4)
01/04/201714:43:21Statement of Changes in Beneficial Ownership (4)
01/04/201710:15:07Initial Statement of Beneficial Ownership (3)
12/22/201610:03:59Additional Proxy Soliciting Materials (definitive) (defa14a)
12/22/201610:03:32Proxy Statement (definitive) (def 14a)
12/14/201601:40:00Rockwell Automation ernennt Rebecca House zur Leiterin der Rechtsabteilung...
12/13/201621:47:00Rockwell Automation nomme Rebecca House chef du contentieux et...
12/13/201615:58:00Rockwell Automation Names Rebecca House General Counsel & Secretary
12/09/201614:22:22Statement of Changes in Beneficial Ownership (4)
12/08/201612:06:28Statement of Changes in Beneficial Ownership (4)
12/08/201612:06:28Statement of Changes in Beneficial Ownership (4)
12/08/201612:06:02Statement of Changes in Beneficial Ownership (4)
12/08/201611:43:55Statement of Changes in Beneficial Ownership (4)
12/08/201611:43:29Statement of Changes in Beneficial Ownership (4)
12/08/201611:36:38Statement of Changes in Beneficial Ownership (4)
12/08/201611:36:38Statement of Changes in Beneficial Ownership (4)

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