SEC Action Possible Against Pollution Firm
Pollution Research & Control Corp., a Glendale manufacturer of pollution monitoring devices, said that the Securities and Exchange Commission might institute an “enforcement action” against the company, its chief executive and its chief financial officer.
The SEC action would follow an investigation into the way Pollution Research accounted for its acquisitions of AIM Corp. and EIS Corp. in 1989 and 1990.
Pollution Research said it has already restated its financial results for 1991. Earlier this year, the company said it earned $601,000 on $5 million in sales in 1991, rather than the $686,000 in earnings on $7 million in sales it originally reported.
The company’s chief executive, Albert E. Gosselin Jr., said he is in settlement negotiations with the SEC over the matter, and he expects an agreement within about two weekscalling for Pollution Research to pay a fine.
The company also said it has received a total of $775,000 in new orders from Thailand, Kuwait, Spain and Chile.
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