Disclosure Insight has lowered its rating on Agco AGCO to Medium Risk - Negative Bias from Medium Risk - Positive Bias to reflect risk of undisclosed SEC investigative activity on the company.
Disclosure Insight says, "The risk of undisclosed SEC investigative activity; one-time items; related party transactions; and the chairman and CEO positions being held by one person support our opinion of a Medium Risk - Negative Bias rating for AGCO. In a letter dated 31-Oct-11, the SEC indicated that AGCO was involved in undisclosed investigative activity. AGCO recorded annual restructuring charges totaling $20 million. Martin Richenhagen has served as CEO since 2004 and Chairman since 2006."
AGCO closed at $42.16 per share on Thursday.
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