Reddy Ice Rallies As DOJ Won't Act Against It In Probe
30 October 2010 - 4:51AM
Dow Jones News
Reddy Ice Holdings Inc. (FRZ) said Friday the Department of
Justice will take no action against the company or its employees in
connection with an investigation of the packaged ice industry.
Shares jumped 22% to $2.63 in recent trading. The stock has
plunged this year as the country's No. 1 packaged ice seller has
struggled with weak quarterly results and high leverage levels.
Moody's Investors Service downgraded it to the brink of highly
speculative territory in August.
Reddy Ice has been the subject of a Justice Department
price-fixing probe by the agency for years. In November 2008, it
disclosed the agency's civil fraud division was looking into
whether the company violated the federal False Claim Act by getting
"supracompetitive prices" from the federal government in connection
with government contracts.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com
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