CLEVELAND, Dec. 22 /PRNewswire-FirstCall/ -- Hawk Corporation (Amex:
HWK) announced today that it has received an informal inquiry from the
staff of the Securities and Exchange Commission requesting that Hawk
voluntarily produce documents and information. The SEC staff is requesting
information regarding Hawk's preparations for compliance with Section 404
of the Sarbanes-Oxley Act of 2002. In addition, the SEC is seeking
information regarding transactions in Hawk's common stock on June 30, 2006
by a stockholder that is not affiliated with the Company and the impact of
those transactions as to when Hawk would be required to comply with Section
404, as well as communications between Hawk and third parties regarding
Section 404 compliance. Hawk has also been contacted by the U.S. Department
of Justice in Cleveland, Ohio in connection with the Department's related
investigation. Hawk is voluntarily cooperating with the government's
requests for documents.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO )
Under current SEC rules based on the closing price of Hawk's common
stock on June 30, 2006, Hawk does not have to comply with Section 404 until
December 31, 2007.
The SEC and DOJ have not requested any information regarding Hawk's
accounting records or financial statements nor has any accounting or
financial impropriety been alleged. Accordingly, Hawk has no reason to
believe that the investigations will result in any restatement of Hawk's
financial statements for any period.
The Company
Hawk Corporation is a leading worldwide supplier of highly engineered
products. Its friction products group 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. Through its precision components group,
the Company is a leading supplier of powder metal and metal injected molded
components used in industrial, consumer and other applications, such as
pumps, motors and transmissions, lawn and garden equipment, appliances,
small hand tools and trucks. The Company's performance racing group
manufactures clutches and gearboxes for motorsport applications and
performance automotive markets. Headquartered in Cleveland, Ohio, Hawk has
approximately 1,800 employees at 17 manufacturing, research, sales and
administrative sites in 5 countries.
Forward-Looking Statements
This press release includes forward-looking statements regarding the
SEC informal inquiry and the related investigation by the DOJ. 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 Hawk, which could cause actual results to
differ materially from such statements. Hawk cannot provide any assurance
of the outcome of the SEC informal inquiry or the investigation by the DOJ.
Any forward-looking statement speaks only as of the date on which such
statement is made, and Hawk undertakes no obligation to update any
forward-looking statement, whether as a result of new information, future
events or otherwise.
Hawk Corporation is online at: http://www.hawkcorp.com
SOURCE Hawk Corporation
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Related links:
http://www.hawkcorp.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Ronald E. Weinberg, Chairman and CEO, Hawk
Corporation, +1-216-861-3553
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