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Caterpillar stock tumbles on reports of federal prosecutor activity

Caterpillar stock tumbles on reports of federal prosecutor activity

"Caterpillar is cooperating", said Caterpillar spokeswoman Corrie Heck Scott.

Federal law enforcement officials raided IL facilities owned by construction machinery company Caterpillar on Thursday, according to multiple reports.

The U.S. Attorney's Office also confirmed the searches in Peoria, East Peoria and Morton.

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The company also received subpoenas requesting information on its purchases and resale of replacement parts by domestic and worldwide operations, and dividend payments made between its various foreign subsidiaries, including Switzerland-based Caterpillar SARL.

Investigators executing search warrants represented the Federal Deposit Insurance Corporation's Office of Inspector General, the IRS' Criminal Investigation Division and the U.S. Department of Commerce's, Office of Export Enforcement, Paul confirmed.




Officials declined to provide details regarding the activity. Caterpillar has a financial unit that lends to customers.

The lawsuit alleged that Cat shifted profits to offshore shell companies to avoid paying more than $2 billion in USA taxes. "Caterpillar is cooperating. She wouldn't comment further".

There was no word on what documents or information the federal officials were searching for.

Caterpillar has been subponaed a few times in recent years mainly regarding its relationships with U.S. and non-U.S. subsidaries.

Caterpillar said the SEC notified the company in late 2015 that it had concluded its investigation without recommending a penalty.

Caterpillar stock was down 4% at 1:00 p.m. this afternoon.

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