SEC Completes Investigation of Hawk Corporation and Takes No Action
July 28 2010 - 11:10AM
Marketwired
Hawk Corporation (NYSE Amex: HWK) announced today that the Staff of
the Division of Enforcement of the Securities and Exchange
Commission has notified Hawk that it has completed its
investigation and will not recommend enforcement action against
Hawk relating to the previously-disclosed SEC investigation. Hawk
has also been informed that the Staff has completed its
investigation and will not recommend enforcement action against
Joseph J. Levanduski, Hawk's Senior Vice President and Director of
Corporate Development.
The SEC commenced an investigation relating to activity in 2006
involving transactions in Hawk's common stock by a hedge fund
manager and related issues concerning Hawk's compliance with the
Sarbanes-Oxley Act of 2002. During the course of the investigation,
Mr. Levanduski stepped aside from his role as Chief Financial
Officer of Hawk. Mr. Levanduski continued to serve Hawk as an
executive officer in a non-financial reporting capacity, and John
T. Bronstrup assumed the office of interim Chief Accounting
Officer.
With the completion of the SEC investigation, Mr. Levanduski has
been restored to his role as Chief Financial Officer with the title
of Senior Vice President - Chief Financial Officer and Director of
Corporate Development. Mr. Bronstrup has resumed his previous
position as Corporate Controller of Hawk.
The Company Hawk Corporation is a leading
supplier of friction materials for brakes, clutches and
transmissions used in airplanes, trucks, construction and mining
equipment, farm equipment, recreational and performance automotive
vehicles. The Company also manufactures fuel cell components.
Headquartered in Cleveland, Ohio, Hawk has approximately 1,200
employees at 12 manufacturing, research, sales and international
representative offices and administrative sites in 7 countries.
Forward-Looking Statements This press
release includes forward-looking statements. These forward-looking
statements are based upon management's expectations and beliefs
concerning future events. Forward-looking statements are
necessarily subject to risks, uncertainties and other factors, many
of which are outside the control of the Company and which could
cause actual results to differ materially from such statements.
Hawk Corporation is online at: www.hawkcorp.com
Contact Information Ronald E. Weinberg Chairman and Chief
Executive Officer (216) 861-3553 Thomas A. Gilbride Vice President
- Finance (216) 861-3553
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