Waste Management reached a settlement with the U.S. Securities and Exchange Commission related to earlier statements on revenue and earnings expectations.
In the settlement, Waste Management agreed, without admitting to or denying the SEC’s allegations, to an SEC order that the company cease and desist from committing violations of anti-fraud provisions of federal securities laws.
Specifically, the SEC found that by June 9, 1999, the company was aware of negative information about its second-quarter performance. But the company did not issue a public warning that results would be lower than expected until July 6. The SEC did not order a fine as part of the settlement.
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