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General Electric Co has agreed to pay a $200 million penalty to settle charges for misleading investors over how it was generating earnings in its power and insurance businesses, the U.S. Securities and Exchange Commission said on Wednesday.
GE’s shares were down 1.2% at $11.25 in post-market trade following the news.
Securities regulators opened a probe into the company’s accounting practices following a 2017 surprise accounting charge of $6.2 billion by the company, which said it would need to set aside $15 billion for long-term care insurance payouts at the time.
The inquiry, which initially focused on long-term service agreements for maintenance of power plants, jet engines and other industrial equipment, was later expanded to include GE’s review of its insurance business.
www.reuters.com
GE is demonstrating their mad creative accounting skillz.
GE’s shares were down 1.2% at $11.25 in post-market trade following the news.
Securities regulators opened a probe into the company’s accounting practices following a 2017 surprise accounting charge of $6.2 billion by the company, which said it would need to set aside $15 billion for long-term care insurance payouts at the time.
The inquiry, which initially focused on long-term service agreements for maintenance of power plants, jet engines and other industrial equipment, was later expanded to include GE’s review of its insurance business.
U.S. SEC says GE to pay $200 million penalty for misleading investors
General Electric Co has agreed to pay a $200 million penalty to settle charges for misleading investors over how it was generating earnings in its power and insurance businesses, the U.S. Securities and Exchange Commission said on Wednesday.
www.reuters.com
GE is demonstrating their mad creative accounting skillz.
