US food marketer and distributor Performance Food has announced that it has reached a settlement with the US Securities and Exchange Commission relating to the accounting errors at one of its broadline subsidiaries which were first announced in early 2002.
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Under the terms of the settlement, the company has consented to the entry of an order, without admitting or denying the SEC’s findings, that requires the company to comply with certain provisions of the federal securities laws including keeping accurate books and records, filing accurate reports and maintaining an adequate system of internal controls, Performance Food said in a statement. The settlement does not require the company to pay a monetary penalty.
“We are pleased to resolve this matter, and believe that the SEC’s order recognises our internal investigation of the matter, our cooperation with the SEC’s review and enhancements we have made to our internal controls,” said CEO Michael Gray.
