Summary
Corning Incorporated (GLW) disclosed in an 8-K filing dated March 30, 2012, that it received a grand jury subpoena from the U.S. Department of Justice. This subpoena is related to an investigation into potential antitrust law violations concerning certain automotive products, specifically catalytic converters, diesel particulate filters, substrates, and monoliths. Corning has stated its policy is to comply with all laws and regulations. While the company cannot currently estimate the ultimate financial impact of this investigation, it acknowledges that any findings of antitrust violations could be material to its results of operations in a given period. Investors should monitor this ongoing investigation and its potential implications.
Key Highlights
- 1Corning Incorporated received a grand jury subpoena from the U.S. Department of Justice.
- 2The subpoena is part of an investigation into possible antitrust law violations.
- 3The investigation concerns specific automotive products, including catalytic converters, diesel particulate filters, substrates, and monoliths.
- 4Corning has affirmed its commitment to complying with all applicable laws and regulations.
- 5The company is unable to estimate the potential financial impact of the investigation at this time.
- 6Any material findings could significantly affect Corning's financial results in a particular period.
Frequently Asked Questions
The U.S. Department of Justice is investigating potential antitrust law violations related to certain automotive products manufactured by Corning, including catalytic converters, diesel particulate filters, substrates, and monoliths.
Corning has received a grand jury subpoena requiring the production of certain documents located within the United States. The company has stated its policy is to comply with all laws and regulations, including antitrust and competition laws.
Corning cannot currently estimate the ultimate financial impact, if any, of this investigation. However, the company acknowledges that if an antitrust violation is found, the potential impact could be material to its results of operations in a particular period.
The subpoena was received in March 2012, and the 8-K filing was made on March 30, 2012.