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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lockheed Martin Corp | NYSE:LMT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-2.92 | -0.62% | 467.64 | 471.25 | 466.9331 | 471.11 | 264,388 | 19:26:42 |
The Justice Department is seeking up to $148 million in damages and fines from United Technologies Corp. over allegations that subsidiaries of its helicopter business overbilled the U.S. Navy for spare parts.
The company had previously disclosed the complaint against two subsidiaries of Sikorsky Aircraft, the helicopter unit. In a filing Friday morning, United Technologies said it was notified July 13 that the Justice Department had opened a criminal complaint into the matter.
Sikorsky is the maker of helicopters for commercial and military use, including the Black Hawk and the next iteration of Marine One, the presidential helicopter.
United Technologies said it is cooperating fully with the investigation. The company says it doesn't think it is likely to lose the case.
At issue is whether the two subsidiaries of Sikorsky were within their rights to include profit and overheard in billings to the Navy from 2006 to 2012, when the company had a contract to supply spare parts for two types of fixed-wing training aircraft.
The Justice Department has said the companies violated the False Claims Act. United Technologies contends that including the overheard costs in its billings to the government was legal.
The criminal investigation comes as United Technologies hopes to complete its announced sale of Sikorsky to Lockheed Martin Corp. for $9 billion. The deal, which would net United Technologies about $6.2 billion after taxes, must still be approved by the government.
Write to Ted Mann at ted.mann@wsj.com
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