March 18, 2019

New York hospitality technology provider discloses FCPA investigation

New York-based Par Technology Corporation, in a securities filing in March 2019, disclosed an ongoing FCPA investigation.  The company, which makes point of sale systems for restaurants and operates in 110 countries, said that in 2016 it commenced an internal investigation into “improper activities in China and Singapore involving the improper bypassing of applicable customs laws of various countries,” including “questionable payments made to customs officials in China without sufficient documentation to evidence or confirm the legitimacy of their purpose.”  According to the company, the internal investigation also revealed that certain members of senior management knew or should have known of the questionable conduct, but failed to take action to prevent or correct such conduct.”  The company reported that it voluntarily notified the US Department of Justice and Securities and Exchange Commission.  PAR indicated that it had received a subpoena from the SEC on May 1, 2017 and that it is cooperating with the DOJ and SEC.

Form 10-K