Kimberly-Clark Settles SEC Restatement Case
Kimberly-Clark Corp., the maker of Huggies diapers, pledged not to violate securities laws in settling a Securities and Exchange Commission case over the company’s 1999 earnings restatement.
Dallas-based Kimberly-Clark said in an SEC filing it agreed to settle the case without paying a fine and without admitting or denying it broke securities laws and SEC rules. John Donehower, chief financial officer at the company, settled a case brought against him personally on the same terms.
Kimberly-Clark restated five years of income statements in 1999 after an SEC review found improper accounting for its 1995 purchase of Scott Paper Co. as well as related job cuts and plant closings. At the time, the company reduced write-offs taken in 1995 and 1997 while lowering income in 1996, 1998 and the first quarter of 1999.
Kimberly-Clark shares rose 15 cents to $64.13 on the NYSE.
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