GSI Group Settles with SEC
BEDFORD, Mass., May 18, 2011 — GSI Group Inc. has announced the resolution of the previously disclosed investigation by the US Securities and Exchange Commission (SEC) into the historical accounting practices of the company's Semiconductor Systems segment.
GSI has agreed to settle with the SEC, without admitting to or denying the commission's findings, by consenting to the entry of an administrative order. It requires the company to cease and desist from committing or causing any violations and any future violations of the reporting, books and records, and internal controls provisions of the Securities Exchange Act of 1934.
The SEC did not charge GSI with fraud; nor did the SEC require GSI to pay a civil penalty or other money damages as part of the settlement, which completely resolves the SEC investigation as it relates to GSI.
GSI is a supplier of laser-based solutions, precision motion controls, semiconductor systems and other technologies.
For more information, visit: www.gsig.com
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