Investigation of Harrison-based Atlas Air closed
- April
- 3
Atlas Air Worldwide Holdings Inc. of Harrison said this morning that it has reached a settlement with federal securities investigators that does not require the company to pay any fines. The settlement with the U.S. Securities and Exchange Commission also does not allege that the company engaged in fraud from 1999 to 2002, the period covered by the investigation.
The company agreed to follow the laws relating to the filing of annual, quarterly and other reports with the SEC. Atlas also agreed to maintain proper records and to have an internal system of accounting controls.
Atlas disclosed in November 2004 that the commission might bring a civil action against the company for alleged faulty reporting of its financial operations. Atlas noted that since the period covered by the probe it has gotten a new management team and board of directors.
Nobody on the current management team or board was a focus of the investigation, the company said.
Atlas shares closed yesterday at $53.69, up 96 cents.
Posted by Allan Drury on Tuesday, April 3rd, 2007 at 9:57 am | 
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