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CSK Auto Settles SEC Fraud Claims

Law360 (May 27, 2009, 12:00 AM EDT) -- Auto parts retailer CSK Auto Corp. has reached a settlement with the U.S. Securities and Exchange Commission to resolve allegations that it fraudulently inflated its reported income by a total of $66 million over three years.

The settled cease-and-desist proceeding, announced by the SEC on Tuesday, is the second enforcement action this year arising from the commission's investigation of alleged financial fraud at the Phoenix-based company, which was acquired by O'Reilly Automotive Inc. last year.

In settling, the company agreed to cease and desist from further...
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