Wednesday, March 16, 2005

 

What Has Happened to SEC Investigation?

Shaw Group Reports Informal Sec Inquiry
BATON ROUGE, La.--(BUSINESS WIRE)--June 10, 2004--The Shaw Group Inc. (NYSE:SGR) reported today that on June 1, 2004, Shaw was notified by the Securities and Exchange Commission (SEC) that it is conducting an informal inquiry. The SEC has not advised the Company as to either the reason for the inquiry or its scope. However, the request for information appears to primarily relate to the purchase method of accounting for acquisitions, as presented in Shaw's Form 10-K for the fiscal year ended August 31, 2003.

The SEC's notice states that the notice should not be construed as an indication of any improper or unlawful conduct. The SEC has not issued a formal order, and Shaw Group has voluntarily agreed to cooperate fully with the inquiry.

Robert L. Belk, Executive Vice President and Chief Financial Officer, said, "We are confident that our accounting practices, including the application of the purchase method of accounting, are in accordance with generally accepted accounting principles. We have informed the SEC that we will cooperate fully with this informal inquiry and hope to resolve all of its questions. While this is only an informal inquiry, we feel it is important to advise our shareholders and others because of our commitment to the principles of full disclosure and openness."
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