CSK Auto Settles SEC Fraud Claims

Law360, New York (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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.