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Flowserve Reaches Settlement with SEC

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Flowserve has reached a settlement with the SEC resolving an investigation by the commission into a meeting that took place in Irving, Texas, on Nov. 19, 2002.

The meeting was between company executives, including the chief executive officer and the director of investor relations, and several analysts. The company previously reported the matter in a news release dated May 25, 2004, that it issued upon receipt of a Wells Notice from the SEC.

According to a Reuters article,

“The SEC also settled disclosure charges with Flowserve Director of Investor Relations Michael Conley, who the commission said did nothing to prevent Greer from violating the disclosure rule.

Flowserve has agreed to pay a $350,000 fine while Greer has agreed to pay $50,000. Both Greer and Conley agreed to a cease-and-desist order for the charges of violating the rule known as Regulation FD, the SEC said.”

Neither admitting nor denying liability under the disclosure requirements of Regulation FD and Section 13 of the Securities Exchange Act of 1934, the company, its chief executive officer and its director of investor relations have consented to a cease-and-desist order. Under the settlement, the company and its chief executive officer have agreed to pay civil penalties of $350,000 and $50,000, respectively. No penalty was imposed on the company’s director of investor relations. The settlement will not have any significant impact on the company’s financial condition or results of operations.

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Flowserve Reaches Settlement with SEC
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