General Mills Says SEC Is Ending Sales Probe
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General Mills Inc. said the Securities and Exchange Commission staff was ending its investigation of the nation’s second-largest cereal maker’s sales practices and related accounting without taking enforcement action.
The news is a reversal for the SEC, which had notified General Mills in February 2004 of a preliminary decision to recommend civil action against the company, Chief Executive Steve Sanger and Chief Financial Officer James Lawrence. The company had maintained that it did nothing wrong.
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