SEC Settles Charges Against Stanley Black & Decker — Update
By Stephen Nakrosis
The U.S. Securities and Exchange Commission said on Tuesday it reached a settlement with tool maker Stanley Black & Decker regarding charges the company failed to disclose perquisites given to certain executives.
The SEC's order said the company failed to disclose at least $1.3 million worth of perquisites and benefits paid to, or on behalf of, four executive officers and a director from 2017 through 2020.
The SEC said Jeffery Ansell, a former company executive, agreed to settle charges that "he caused Stanley Black & Decker to violate proxy solicitation and books and records provisions of the federal securities laws." He will also pay $75,000 civil penalty. Mr. Ansell didn't admit or deny the findings, the SEC said.
The tool maker self-reported the disclosure failures, the SEC said, along with other conduct potentially implicating federal securities laws. The company also cooperated with the investigation and implemented remedial measures, the SEC said.
"We are pleased to resolve these matters and appreciate the SEC's acknowledgement of our voluntary disclosure, cooperation, and remediation," Stanley Black & Decker said in a statement.
Stanley Black & Decker didn't admit or deny the findings, the SEC said. The company consented to "an order requiring it to cease and desist from violations of reporting and proxy solicitation provisions of the Securities Exchange Act of 1934," the SEC said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
Corrections & Amplifications
This item was corrected at 5:52 p.m. ET. An earlier version misstated Jeffery Ansell's first name as Jeffrey.
(END) Dow Jones Newswires
June 20, 2023 17:42 ET (21:42 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing
-
Going Into Earnings, Is Nvidia Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Arista Stock a Buy, a Sell, or Fairly Valued?
-
A Cheap Dividend Aristocrat to Buy Before It Bounces Back