Terex: SEC investigates restatements
Thursday, 8 September 2005
WESTPORT, CT, United States
Telehandler manufacturer Terex Corp has announced that the Securities & Exchange Commission (SEC) is investigating the restatement of its reports for 2000 to 2003 and other past transactions.
Terex said it had also received a subpoena from SEC requiring it to produce documents connected to transactions between Terex, its subsidiaries, and United Rentals, in 2000 and 2001.
Terex said it would voluntarily provide the SEC with information.
According to Dow Jones News Service, Terex is a major supplier to United Rentals. In June, Terex chairman and chief executive Ronald Defeo resigned from the United Rentals board to avoid potential conflicts of interest.
Early this year, Terex announced it was restating past financial statements after an internal audit of intercompany transactions found accounting errors (Forkliftaction.com News #192