technology

Plantronics to pay $36 mln to settle SEC investigation into Polycom


(Reuters) – Headsets maker Plantronics Inc said on Wednesday it has entered an agreement with the U.S. Securities and Exchange Commission to settle an investigation into Polycom Inc, which it acquired in July.

Plantronics will pay $36 million to settle the investigation, which began after Polycom reported it discovered evidence of “possible improper behavior” by former employees at its China unit.

Plantronics, which bought Polycom in a $2 billion deal in July, said the incident happened prior to the video conferencing equipment maker going private in 2016.

The company in August said the SEC and the U.S. Department of Justice (DOJ) were investigating into possible violations of the Foreign Corrupt Practices Act by Polycom.

Polycom has neither admitted nor denied the SEC’s allegations, Plantronics said in a statement.

The company said the DOJ cited Polycom’s voluntary disclosure and full cooperation to close its investigation.

Reporting by Munsif Vengattil in Bengaluru; Editing by Arun Koyyur



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