In a recent filing with the US Securities and Exchange Commission, Cisco Systems, Inc., a global networking technology company based in California, disclosed that it had completed an internal investigation into an alleged “self-enrichment scheme involving now-former employees in China.” According to the Form 10-Q filed by Cisco on February 22, 2022, the company shared the investigation findings with the US Department of Justice and the US Securities and Exchange Commission and, based on these findings, the DOJ and the SEC decided not to take action against Cisco. Cisco had previously disclosed in a February 2021 securities filing that it had voluntarily disclosed to the DOJ and the SEC that it was investigating the self-enrichment scheme, and that certain Cisco employees may have directed proceeds from the scheme to various third parties, including employees of state-owned entities.
February 25, 2022
Computer networking company discloses declinations by DOJ and SEC related to alleged improper payments
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