Penn Traffic Settles With SEC

Penn Traffic Co. said yesterday it has reached a settlement with the Securities and Exchange Commission over accounting practices relating to promotional allowances by the chain from fiscal 2001 though fiscal 2003 and by its Penny Curtiss bakery subsidiary from fiscal 2000 through the first quarter of fiscal 2003.

SYRACUSE, N.Y. — Penn Traffic Co. here said yesterday it has reached a settlement with the Securities and Exchange Commission over accounting practices relating to promotional allowances by the chain from fiscal 2001 though fiscal 2003 and by its Penny Curtiss bakery subsidiary from fiscal 2000 through the first quarter of fiscal 2003. Without admitting or denying the allegations in the SEC's complaint, PennTraffic agreed to accept a permanent injunction against any future violations of feder

Register to view the full article

test - Advanced Registered User

Already a member? .