NEEDHAM, Mass.--(BUSINESS WIRE)--PTC (Nasdaq: PTC) today announced agreements with the U.S. Securities and Exchange Commission and the Department of Justice that resolve a previously disclosed FCPA investigation pertaining to expenditures by certain former employees and business partners in China between 2006 and 2011. The company is pleased to have resolved this matter.
In connection with the agreements, PTC and its China subsidiaries will pay $28.2 million in penalties and interest to these agencies. PTC has implemented extensive remedial measures related to these matters, including the termination of the responsible employees and business partners, the establishment of an entirely new leadership team in China, the establishment of a dedicated compliance function, and other enhancements to compliance programs. The amounts to be paid under the agreements were previously recorded in PTC’s 2015 financial statements, and therefore have no impact onPTC’s FY16 financial guidance.
PTC (NASDAQ: PTC) is a global provider of technology platforms and solutions that transform how companies create, operate, and service the “things” in the Internet of Things (IoT). The company’s next-generation ThingWorx® technology platform gives developers the tools they need to capture, analyze, and capitalize on the vast amounts of data being generated by smart, connected products and systems. The company’s field-proven solutions are deployed in more than 28,000 businesses worldwide to generate a product or service advantage. PTC’s award-winning CEO, considered an industry thought leader, co-authored the definitive guides to the impact of the IoT on business in the Harvard Business Review.
PTC, the PTC logo, and ThingWorx are trademarks or registered trademarks of PTC Inc. or its subsidiaries in the United States and in other countries.