Royal Tech (NYSE:RYG)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Royal Tech Charts. Click Here for more Royal Tech Charts.](/p.php?pid=staticchart&s=NY%5ERYG&p=8&t=15)
Royal Group receives notice from SEC of formal investigation
TORONTO, July 11 /PRNewswire-FirstCall/ -- Royal Group Technologies Limited
(RYG.SV-TSX; RYG-NYSE) (Royal Group or the company) today announced that it has
received notification that the U.S. Securities and Exchange Commission (SEC) is
conducting a formal, non-public investigation related to past accounting
practices and disclosures.
"We have been communicating with the SEC to keep it advised of the progress of
Royal Group's internal investigations related to the issues of concern to the
company, the Ontario Securities Commission (OSC), and Royal Canadian Mounted
Police (RCMP)," said James Sardo, Chair of the Special Committee of Royal
Group's Board that has been overseeing the investigation process. "Royal Group
will continue to cooperate fully with the SEC as we are doing with the OSC and
RCMP."
Royal Group Technologies Limited is a manufacturer of innovative, polymer-based
home improvement, consumer, and construction products. The company has
extensive vertical integration, with operations dedicated to provision of
materials, machinery, tooling, real estate, and transportation services to its
plants producing finished products. Royal Group's manufacturing facilities are
primarily located throughout North America, with international operations in
South America, Europe, and Asia. Additional investment information is available
on Royal Group's web site at http://www.royalgrouptech.com/ under the "Investor
Relations" section.
The information in this document contains certain forward-looking statements
with respect to Royal Group Technologies Limited, its subsidiaries and
affiliates. These statements are often, but not always made through the use of
words or phrases such as "expect", "should continue", "continue", "believe",
"anticipate", "estimate", "contemplate", "target", "plan", "budget", "may",
"will", "schedule" and "intend" or similar formulations. By their nature, these
forward-looking statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by management, are inherently
subject to significant, known and unknown, business, economic, competitive, and
other risks, uncertainties and other factors affecting Royal Group specifically
or its industry generally that could cause actual performance, achievements and
financial results to differ materially from those contemplated by the
forward-looking statements. These risks and uncertainties include the outcome
of the ongoing internal review and investigations by the Special Committee of
the Board of Directors; fluctuations in the level of renovation, remodeling and
construction activity; changes in product costs and pricing; an inability to
achieve or delays in achieving savings related to the cost reductions or
increases in revenues related to sales price increases; the sufficiency of our
restructuring activities, including the potential for higher actual costs to be
incurred in connection with restructuring activities compared to the estimated
costs of such actions; the ability to recruit and retain qualified employees;
the level of outstanding debt and our current debt ratings; the ability to meet
the financial covenants in our credit facilities; the ability to successfully
replace our syndicated credit facility; changes in product mix; the growth rate
of the markets into which Royal Group's products are sold; market acceptance
and demand for Royal Group's products; changes in availability or prices for
raw materials; pricing pressures resulting from competition; difficulty in
developing and introducing new products; failure to penetrate new markets
effectively; the effect on foreign operations of currency fluctuations,
tariffs, nationalization, exchange controls, limitations on foreign investment
in local business and other political, economic and regulatory risks;
difficulty in preserving proprietary technology; adverse resolution of any
litigation, investigations, administrative and regulatory matters, intellectual
property disputes, or similar matters; changes in securities or environmental
laws, rules and regulations; currency risk exposure and other risks described
from time to time in publicly filed disclosure documents and securities
commission reports of Royal Group Technologies Limited and its subsidiaries and
affiliates. In view of these uncertainties we caution readers not to place
undue reliance on these forward- looking statements. Statements made in this
document are made as of July 11, 2005 and Royal disclaims any intention or
obligation to update or revise any statements made herein, whether as a result
of new information, future events or otherwise.
DATASOURCE: Royal Group Technologies Limited
CONTACT: Richard W. Wertheim, Wertheim + Company Inc., (416) 594-1600,
(416) 518-8479 (cell)