Summary
Corning Incorporated (GLW) filed an 8-K on May 16, 2016, to report a resolution with the U.S. Department of Justice (DOJ) concerning a previously disclosed government investigation. The investigation focused on potential antitrust law violations by its Japanese subsidiary, Corning International, K.K. (CIKK), related to certain automotive products. As part of the resolution, CIKK entered into a plea agreement with the DOJ and agreed to pay a criminal fine of $66.5 million. This filing primarily serves to inform investors about the conclusion of this specific investigation and the associated financial penalty, bringing a degree of certainty to this matter.
Key Highlights
- 1Corning Incorporated's Japanese subsidiary, Corning International, K.K. (CIKK), reached a resolution with the U.S. Department of Justice (DOJ).
- 2The resolution pertains to a government investigation into alleged antitrust law violations concerning certain automotive products.
- 3CIKK entered into a plea agreement with the DOJ on May 16, 2016.
- 4Corning will pay a criminal fine of $66.5 million as part of this resolution.
- 5This filing updates investors on the conclusion of this specific regulatory matter.
- 6The press release dated May 16, 2016, is included as an exhibit.