SEC Boosts Probe of Retailer
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Teen clothing retailer Abercrombie & Fitch Co., which had been the subject of an informal securities inquiry, said Thursday that it was informed that the Securities and Exchange Commission had launched a formal investigation into trading of its shares.
The company also raised its full-year earnings forecast Thursday as it reported a 29% sales gain for December, beating Wall Street estimates.
Abercrombie, based in the Columbus, Ohio, suburb of New Albany, previously disclosed that regulators were informally looking into trades involving the company’s Class A shares. Abercrombie said Thursday that the SEC had begun a formal investigation into the same matter. The SEC is asking the company and some of its current and former officers and directors to supply further information.
The retailer said it was fully cooperating.
The company’s shares rose $1.02, or 2%, to $66.02.
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