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Hawk: SEC Probe Ends Without Enforcement

Wed, 07/28/2010 - 11:25am
Manufacturing.net

CLEVELAND (AP) -- Hawk Corp. said Wednesday that the U.S. Securities and Exchange Commission has ended an investigation into its stock transactions and will not recommend any enforcement action against the automotive and aviation equipment maker.

The SEC began a formal probe of Hawk, which makes brakes, clutches and transmissions for airplanes and commercial vehicles, in 2007, looking into the company's compliance with reporting requirements in a 2006 stock transaction.

Hawk also said that the SEC will not recommend any action against Joseph Levanduski, the company's senior vice president and director of corporate development. Levanduski stepped aside from his post as chief financial officer during the probe, and now he has returned to that role with the title of chief financial officer and director of corporate development, Hawk said in a statement.

The investigation centered around trading in the Cleveland company's shares by a hedge fund manager in 2006. The SEC was looking into whether Hawk was in compliance with Section 404 of the Sarbanes-Oxley Act, which regulates internal controls on accounting and disclosure practices.

An SEC spokesman said he could neither confirm nor deny the existence of any probe of Hawk trading.

Hawk shares fell 7 cents to $28.18 in midday trading Wednesday.

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