SEC Formalizes Probe Into Diebold’s Finances

Law360, New York (August 8, 2006, 12:00 AM EDT) -- Automatic teller manufacturer Diebold Inc. has become the subject of a formal U.S. Securities and Exchange Commission probe following the agency’s investigation into the company’s process for identifying revenue.

The SEC, which in May began an informal inquiry into the company’s finances, will now have the power to subpoena documents and testimony in conjunction with the probe.

Diebold disclosed that the Commission had formalized its probe in its quarterly financial statement. The company said it would continue to cooperate with regulators.

The SEC first turned its...
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