Raytheon Says SEC Has Begun Probe
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Raytheon Co., the subject of three Securities and Exchange Commission inquiries since 2000, said the agency is investigating accounting at a unit that makes Beech Jet and King Air commercial aircraft.
The SEC is reviewing accounting at Raytheon’s commuter aircraft business from 1997 to 2001. The fourth-largest U.S. defense contractor restated revenue in 2000 for the prior three years to reflect a change in revenue recognition.
An SEC spokesman wouldn’t comment. Raytheon spokesman James Fetig declined to provide information on the informal inquiry or accounting practices beyond what was contained in a three-sentence statement. Raytheon said it’s cooperating with the SEC.
Shares of Lexington, Mass.-based Raytheon, which makes the Tomahawk missile used in Afghanistan, fell $1.57, or 5%, to $29.85 on the New York Stock Exchange.
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