Abercrombie & Fitch Is Target of SEC Probe
New Albany, Ohio, Abercrombie & Fitch Co. announced that the Securities and Exchange Commission has opened a formal probe into trading in the company’s stock.
In a statement issued by the company on Friday, Abercrombie & Fitch said the SEC has requested more information, the first step in the formal investigation process which allows the SEC to subpoena documents and compel witnesses to testify. The SEC earlier had initiated an informal inquiry of trading in its Class A stock.
The company and some of its officers are defendants in a half-dozen class-action suits that resulted from Abercrombie & Fitch’s share drop of almost 40% last summer.