Westport Fuel Systems Announces Settlement with the U.S. Securities and Exchange Commission
28 September 2019 - 3:46AM
Westport Fuel Systems Inc. ("
Westport Fuel
Systems") (TSX/Nasdaq:WPRT) today announced that it has
reached a settlement with the United States Securities and Exchange
Commission (“the
SEC”) fully resolving the SEC’s
investigation into the Company’s compliance with the U.S. Foreign
Corrupt Practices Act (“
FCPA”).
Under the terms of the settlement, Westport Fuel Systems neither
admits nor denies any violation of the FCPA. The settlement relates
to a transaction involving the Company’s joint venture in China
that took place more than three years ago and was handled by
individuals who have since left the Company.
The Company agrees to pay a civil penalty to the SEC of
$1,500,000, prejudgment interest of $196,000, and $2,350,000
representing the disgorgement of proceeds related to the subject
transaction and has also agreed to a two-year period of
self-reporting requirements regarding FCPA compliance activities.
Expenses related to this settlement were accrued in the Company’s
Q2 2019 financial statements.
“Since joining Westport Fuel Systems in January 2019, I have
been impressed by the entire organization’s high ethical standards
in everything we do,” said David M. Johnson, the CEO of Westport
Fuel Systems. “Nonetheless, we are continuing our efforts to ensure
that we always conduct business in a manner that is compliant with
laws in all jurisdictions where we operate and to strengthen
internal controls, compliance programs, and oversight.”
In announcing the settlement, the SEC highlighted Westport Fuel
System’s full cooperation and the steps taken by the Company to
enhance its controls and compliance policies.
“With the investigation resolved and a steadfast commitment to
maintaining a culture of integrity, we are able to return our full
focus to providing our customers around the world with our clean
transportation technologies and products to address the urgent
challenges of climate change and urban air quality,” said
Johnson.
For more information about Westport Fuel Systems’ commitment to
integrity, please
visit: https://wfsinc.com/about/commitment-to-integrity/
About Westport Fuel SystemsAt
Westport Fuel Systems, we are driving innovation to power a cleaner
tomorrow. We are a leading supplier of advanced fuel delivery
components and systems for clean, low-carbon fuels such as natural
gas, renewable natural gas, propane, and hydrogen to the global
automotive industry. Our technology delivers the performance and
fuel efficiency required by transportation applications and the
environmental benefits that address climate change and urban air
quality challenges. Headquartered in Vancouver, Canada, with
operations in Europe, Asia, North America and South America, we
serve our customers in more than 70 countries with leading global
transportation brands. At Westport Fuel Systems, we think ahead.
For more information, visit www.wfsinc.com.
Investor and Media Inquiries:Karen HambergVice
President, External AffairsWestport Fuel SystemsT:
+1 604-718-2046invest@wfsinc.com
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