Caterpillar Office Raid Fuels Biggest Slump in Eight Months

Brittany BishopMar 03, 2017

The U.S. Attorney's Office for the Central District of IL told CNNMoney that there was law enforcement activity carried out at Caterpillar facilities across three cities in IL.

Sources say that law enforcement is present at Caterpillar headquarters in downtown Peoria, Building AD in East Peoria and the logistics building in Morton.

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Reports are that the IRS among other agencies were at the company's offices.

The U.S. Attorney's office for the Central District of IL confirmed search warrants were executed at Caterpillar locations in Peoria, East Peoria, and Morton.

Most recently, in early 2015, a federal court in IL subpoenaed the company for documents and information relating to the distribution of profits and movement of cash among its subsidiaries.

An IRS spokesman said agents "were on site on official business", but declined to comment further. Caterpillar has a financial unit that lends to customers.

Caterpillar Inc. rental excavators sit at the Whayne Supply Co. dealership in Lexington, Kentucky, U.S., on Monday, Oct. 17, 2016.

Caterpillar's stock traded recently at $94.37, down more than 4 percent on the day. "Caterpillar is cooperating", it said. Cat also says it is cooperating with the investigation.

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