Momoneymoproblemz
This was reported on Wednesday on the website of the Federal Securities and Exchange Commission.
"The SEC today announced that General Electric has agreed to pay a $200 million fine to settle claims related to the non-disclosure of its gas turbine operations and insurance business. In 2017 and 2018, GE stock prices collapsed by almost 75 per cent after the public learned of the difficulties faced by these businesses," the text said.
The Commission specified that GE concealed from its potential shareholders that some of its reported profits for 2016 and 2017 were in fact the result of a downward adjustment in operating cost projections.
The company was also found to have hidden from investors ways of artificially inflating its cash income and other tricks that were designed to give a better impression of its operations.
The agreement reached with the US financial regulator allows GE not to recognise or deny the commission of reprehensible acts. Once a fine is paid, the company is required to report to a commission within a calendar year on improvements to its financial reporting system.
source: ft.com
"The SEC today announced that General Electric has agreed to pay a $200 million fine to settle claims related to the non-disclosure of its gas turbine operations and insurance business. In 2017 and 2018, GE stock prices collapsed by almost 75 per cent after the public learned of the difficulties faced by these businesses," the text said.
The Commission specified that GE concealed from its potential shareholders that some of its reported profits for 2016 and 2017 were in fact the result of a downward adjustment in operating cost projections.
The company was also found to have hidden from investors ways of artificially inflating its cash income and other tricks that were designed to give a better impression of its operations.
The agreement reached with the US financial regulator allows GE not to recognise or deny the commission of reprehensible acts. Once a fine is paid, the company is required to report to a commission within a calendar year on improvements to its financial reporting system.
source: ft.com
