• SEC Settles Regulation FD Case Involving a Non-Public Reaffirmation of Earnings
  • April 18, 2005 | Authors: Robert B. Robbins; Jeffrey B. Grill
  • Law Firm: Pillsbury Winthrop Shaw Pittman LLP - Washington Office
  • On March 24, 2005, the Securities and Exchange Commission ("SEC") charged Flowserve Corporation ("Flowserve"), a U.S. manufacturer of precision-engineered flow control equipment, with violating Regulation FD and Section 13(a) of the Securities and Exchange Act of 1934. The SEC also charged Flowserve's Chief Executive Officer, C. Scott Greer, and Director of Investor Relations, Michael Conley, with causing Flowserve's violations. Flowserve, Greer and Conley consented to a cease-and-desist order. In addition, Flowserve must pay a civil penalty of $350,000 and Greer must pay a civil penalty of $50,000.