Law Enforcement Activity at Caterpillar Facilities

Law Enforcement Activity at Caterpillar Facilities

Multiple sources inside Caterpillar headquarters say human resources are telling employees law enforcement are executing a search warrant.

"Law enforcement is present in various Peoria-area Caterpillar facilities executing a search warrant", company spokeswoman Corrie Scott said in an email.

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In Caterpillar's latest annual report, filed February 15, the company said it is "vigorously contesting" a demand the IRS made previous year that the company pay about $2 billion in back taxes.

"Caterpillar is cooperating", the brief statement quoted by Sun Times said.

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The stock fell 5.1 percent to $93.60 at 1:05 p.m.

"We now believe that this matter will not have a material adverse effect on the Company's consolidated results of operations, financial position or liquidity", Caterpillar stated. She declined to comment further.

Caterpillar has been subponaed a few times in recent years mainly regarding its relationships with U.S. and non-U.S. subsidaries. Also in 2014, two other subsidiaries were under investigation for anticompetitive bid practices in Brazil and criminal charges were brought against three employees of those subsidiaries.

Federal agents arrived to Caterpillar's global headquarters mid-morning and begain seizing documents and electronic records.

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