SEC Settles Charges Against Stanley Black & Decker For Failing to Disclose Executive Perks

By Stephen Nakrosis

The Securities and Exchange Commission said on Tuesday it reached a settlement with tool maker Stanley Black & Decker Inc. regarding charges the company failed to disclose perquisites given to certain executives.

The SEC's order said the company failed to disclose at least $1.3 million worth of perquisites and benefits paid to, or on behalf of, four executive officers and a director from 2017 through 2020.

The SEC said Jeffery Ansell, a former company executive, agreed to settle charges that "he caused Stanley Black & Decker to violate proxy solicitation and books and records provisions of the federal securities laws." He will also pay $75,000 civil penalty.

The tool maker self-reported the disclosure failures, the SEC said, along with other conduct potentially implicating federal securities laws. The company also cooperated with the investigation and implemented remedial measures, the SEC said.

"We are pleased to resolve these matters and appreciate the SEC's acknowledgement of our voluntary disclosure, cooperation, and remediation," Stanley Black & Decker said in a statement.

Stanley Black & Decker didn't admit or deny the findings, the SEC said. The company consented to "an order requiring it to cease and desist from violations of reporting and proxy solicitation provisions of the Securities Exchange Act of 1934," the SEC said.

Write to Stephen Nakrosis at [e-mail]

(END) Dow Jones Newswires

June 20, 2023 17:30 ET (21:30 GMT)

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