Babcock & Wilcox Announces Conclusion of Previously-Disclosed SEC Investigation

Rhea-AI Summary

Babcock & Wilcox Enterprises, Inc. (NYSE:BW) announced on October 20, 2021 that the U.S. Securities and Exchange Commission (SEC) has completed its investigation into the company, initiated in 2017. The SEC staff confirmed that they do not intend to recommend any enforcement action against Babcock & Wilcox. CEO Kenneth M. Young expressed satisfaction in closing this chapter and emphasized the company’s cooperation with the SEC throughout the investigation. Babcock & Wilcox continues to be a leader in energy and environmental technologies.

Positive

• Resolution of the SEC investigation without enforcement action.
• The company has cooperated fully with the SEC.

Negative

• None.

AKRON, Ohio--(BUSINESS WIRE)-- On October 20, 2021, Babcock & Wilcox Enterprises, Inc. (the “Company”) received a letter from the staff of the Division of Enforcement of the Atlanta Regional office of the U.S. Securities and Exchange Commission (“Commission”) confirming that the staff has concluded its investigation of the Company that the Company has previously disclosed in its SEC filings and that it does not intend to recommend to the Commission that an enforcement action be brought against the Company.

“We have cooperated with the SEC throughout the duration of this investigation which began in 2017 and are pleased to put this matter behind us,” commented Kenneth M. Young, CEO and Chairman of the Company.

About B&W
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc., is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on LinkedIn and learn more at www.babcock.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005574/en/

Investor Contact:

Megan Wilson

Vice President, Corporate Development & Investor Relations

Babcock & Wilcox

330-860-6802 | 704.625.4944

investors@babcock.com

Media Contact:

Ryan Cornell

Public Relations

Babcock & Wilcox

330.860.1345

rscornell@babcock.com

Source: Babcock & Wilcox Enterprises, Inc.

FAQ

What was the outcome of the SEC investigation for Babcock & Wilcox (BW)?

The SEC concluded its investigation and does not intend to recommend enforcement action against Babcock & Wilcox.

When did the SEC investigation of Babcock & Wilcox begin?

The SEC investigation into Babcock & Wilcox began in 2017.

Who is the CEO of Babcock & Wilcox (BW)?

Kenneth M. Young is the CEO and Chairman of Babcock & Wilcox.

What date was the SEC's conclusion announced?

The conclusion of the SEC's investigation was announced on October 20, 2021.