"Law enforcement is present in various Peoria-area Caterpillar facilities executing a search warrant", Caterpillarsaid in a statement Thursday.
Agents from several federal law enforcement organizations were searching three of Caterpillar's facilities in IL on Thursday - including the company's Peoria headquarters.
The office of the U.S. Attorney for the Central District of IL confirmed that law enforcement was searching offices in Peoria, East Peoria and logistics facilities in Morton but released no details on what authorities are looking for or why they were conducting the raids.
To view the full article, register now. "Caterpillar is cooperating", it said.
While there is no official information about the goal of the search, local news station WEEK reported federal agents are looking at tax documents at the Caterpillar headquarters, citing sources inside the company.
Caterpillar stock plunged almost 6 percent by 1 p.m., nearly an hour after news of the raids broke. Undistributed profits of the foreign subsidiaries and the movement of cash among some of those units and Caterpillar U.S. subsidiaries were among other issues covered by the subpoena.
In a filing with the Securities and Exchange Commission in February, 2015, Caterpillar said it had received a grand jury subpoena from the U.S. District Court for the Central District. Cat also says it is cooperating with the investigation. S. subsidiaries, the company said.
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. A spokesperson declined further comment.
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