Cereal company General Mills has announced that the staff of the Securities and Exchange Commission has decided to terminate its investigation of the company’s sales practices and related accounting.
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The staff notified General Mills that it has decided not to recommend an enforcement action against the company, its chief executive officer or its chief financial officer.
In October 2003, General Mills announced the SEC staff had issued a formal request for information from the company, and in February 2004 the company announced that the staff had issued a Wells notice, which is issued when the SEC might bring an action.
