Sims Metal Management warns of possible fraud at UK sites

Sims Metal Management Ltd. shares fell 6% after the company announced it was investigating "control failures and potential fraudulent conduct" by management staff responsible for operations in the U.K.

The metals and electronics recycler, which operates in the U.S. as well as worldwide, announced Jan. 21 that it had found the value of its British inventory to be overstated by about $60 million. The company formed a committee to look into the matter and determine what actions will be taken, the company said in a statement.

Shares of Sims Metal Management were trading at $9.83 this morning, down 6% from the previous day's close.

Filed Under: Financial, Recycling, Scrap, Stocks, Sims Metal Management
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