By David Smagalla
Methode Electronics said the Securities and Exchange Commission has subpoenaed the technology company about its compliance with the Foreign Corrupt Practices Act and other anticorruption laws.
Methode said in a quarterly regulatory filing Thursday that it had received the subpoena on Nov. 1 seeking documents and other information about the Chicago-based company's operations in certain foreign countries as well as financial and accounting matters connected to the FCPA.
The foreign bribery statute prohibits companies with U.S. ties from paying bribes to foreign public officials to gain a business advantage.
Methode added it was cooperating with the SEC and that any investigation could result in costs to the company, including fines and penalties, but it was unable to estimate how much.
On an earnings call Thursday, Methode Chief Executive Jon DeGaynor said the company couldn't provide additional details about the subpoena at that time, but he added that it was cooperating with the regulator. DeGaynor, who was hired in July, said the company was "committed to compliance and taking steps to invest in our compliance resources and processes."
Founded in 1946, Methode designs and manufactures products for original equipment manufacturers to be used in transportation, cloud computing infrastructure, construction equipment and consumer appliances. The company recorded $1.1 billion in sales during the fiscal year that ended in April.
Write to David Smagalla at David.smagalla@wsj.com
(END) Dow Jones Newswires
December 06, 2024 17:49 ET (22:49 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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