Feds investigate RadioShack's handling of 401(K) money [View all]
NEW YORK — RadioShack Corp., which has seen its shares collapse as it fights a losing battle with big-box electronics stores and online rivals, is being probed by the U.S. Labor Department over its handling of employees’ retirement money.
The department wrote the Fort Worth-based company last month to say it would investigate its 401(k) plan from 2011 on to ensure it was following U.S. rules for retirement plans, RadioShack said in a filing with the Securities and Exchange Commission on Wednesday. At least three lawsuits have been filed against the company since then, it said in the filing.
RadioShack, as high as $78 in 1999, has dived from $18.56 in 2011 to less than 40 cents a share. It has said it might not survive as a “going concern.”
The plan had around $228 million of investments at “fair value” as of June. RadioShack shares in the 401(k) were valued at $3.5 million, off from $11.3 million a year earlier, the company disclosed.
Read more: http://www.dallasnews.com/business/retail/20141225-feds-investigate-radioshack-s-handling-of-401-k-money.ece
= new reply since forum marked as read
