Caterpillar slides after law enforcement authorities with a warrant search its facilities

Federal law enforcement agents have searched three facilities of the American heavy-equipment manufacturer Caterpillar Incorporated in the U.S. Midwest.

On Thursday, investigators searched the headquarters and two other facilities for tax documents. "Caterpillar is cooperating", Scott said in an emailed statement.

Caterpillar's Morton facility is responsible for shipping and receiving replacement parts to dealers and parts facilities around the world. She declined to comment further.

Caterpillar spokeswoman Corrie Scott said in an emailed statement that the company was cooperating with authorities.

Denver Zoo Giraffe Has Baby While on Birth Control
The Cheyenne Mountain Zoo is providing plasma to help the Denver Zoo's new giraffe calf, Dobby. More than 100,000 people were following the YouTube channel on Thursday morning.

In Caterpillar's latest annual report, filed February 15, the company said it is "vigorously contesting" a demand the IRS made previous year that the company pay about $2 billion in back taxes.

The subsidiary in Switzerland was the focus of a 2014 investigation by the USA senate alleging it was set up to shift billions of profits overseas to avoid paying taxes in the US.

Officials from the Commerce Department, Internal Revenue Service, Federal Deposit Insurance Corp. and Illinois State Police moved in and out of the company's corporate headquarters on Thursday.

In a 2009 whistle-blower lawsuit, a former Caterpillar executive accused the company of using offshore subsidiaries in Switzerland and Bermuda to avoid about $2 billion in US taxes from 2000 to 2009.

Ambarella, Inc. (NASDAQ:AMBA) Expected To Report Earnings On Tuesday
Analysts mean target price for The Coca-Cola Company (NYSE:KO) is $43.79 while their mean recommendation is 2.60 (1=Buy, 5=sell). The company reported $0.92 earnings per share for the quarter, beating the Zacks' consensus estimate of $0.74 by $0.18.

The report said the firm transferred profits of its parts business to the Swiss subsidiary even though no employees or business activities were moved there.

In a complaint filed in Chicago federal court, Jacob Newman accused Caterpillar of defrauding him and other shareholders in regulatory filings by touting its commitment to good ethics, while concealing how it "unlawfully used foreign subsidiaries" to avoid paying billions of dollars of US taxes.

Those profits were taxed in Switzerland, where business levies are typically far lower than the 35% USA top corporate rate.

"We believe the relevant transactions complied with applicable tax laws and did not violate judicial doctrines", Caterpillar said in the disclosure.

Doctors Worry Parents May Underestimate Risk Of Teenage Pot Use
As more states decriminalize the use of pot, he says he is anxious teens won't take the long-term consequences seriously. The drug has been legalized (PDF) for recreational use in eight states and for medical use in 28 states.

News of the searches sent Caterpillar shares tumbling more than 4 percent on US stock exchanges within hours.


Popular
  • UFC 209 fight card: Khabib Nurmagomedov hospitalized, title fight canceled

    UFC 209 fight card: Khabib Nurmagomedov hospitalized, title fight canceled

    This is a devastating blow for Nurmagomedov, who many believe is destined to be the UFC lightweight champion. Stephen Thompson for Woodley's welterweight title in a rematch of their UFC 205 bout in 2016.

    Tillerson meets with Chinese State Councilor Yang Jiechi

    Secretary of State Rex Tillerson last week, during which the two affirmed the importance of a constructive U.S. The White House announced on February 27 that China's top diplomat met U.S.
    'Horizon Zero Dawn' Release Time

    'Horizon Zero Dawn' Release Time

    Learn 10 tips beginner's need to know right here, and get help making your decision with Gameranx's Before You Buy review. The game is scheduled to release exclusively for PS4 on February 28th in North America, and on March 1st in Europe.
  • Banksy's art opens in hotel with the worst view

    Banksy's art opens in hotel with the worst view

    It's hard to argue with the price, though, with budget bunk beds set to go for under $37 a night. The hotel is the largest new body of work Banksy has completed in years, he says.
    Dozens Gather in Concord for Pro-Trump Rally

    Dozens Gather in Concord for Pro-Trump Rally

    In Atlanta, about 250 people gathered to sing and chant in support of the president, according to The Atlanta Journal Constitution.

    Toro Rosso claim STR12's similarities to Mercedes are 'a coincidence'

    2017 will also see Toro Rosso return to the latest Renault power after struggling in a 2015-spec Ferrari engine last season.
  • Trump Wants to Slash EPA Budget By 25 Percent

    Trump Wants to Slash EPA Budget By 25 Percent

    Oil and gas wells, pipelines and other equipment leak a large, but not fully understood, quantity of methane into the atmosphere. Pruitt halted the inquiry and says he'll rethink what information to request from the companies.

    NASA may send robotic spacecraft to Sun in 2018

    We live in the sun's atmosphere! The Flight of Icarus, a reproduction of a work done between 1635 and 1637 by Jacob Peter Gowy. Given the sun's heat, sending a probe that would fly within close proximity to the sun does not come without challenges.
    People to rally for, against Pres. Donald Trump in St. Augustine

    People to rally for, against Pres. Donald Trump in St. Augustine

    The rallies will be positive, patriotic, uplifting, and open to anyone that supports an America First agenda. The group calling themselves Main Street Patriots will hold events throughout the week including Saturday.
  • Police search for boy, five, in Murray river as woman arrested

    Police search for boy, five, in Murray river as woman arrested

    The woman allegedly turned to the younger son, while the older son managed to struggle free before he was attacked by a dog. He told reporters that the case was "just bad ", before going on to say that "it will rock the community of Australia".
    Orlando nightclub gunman's widow to be released on bail

    Orlando nightclub gunman's widow to be released on bail

    The judge found the weight of the evidence by the government as " debatable " and "vulnerable" to fact. But she agreed to hold the decision for two days as prosecutors appeal.
    Trump Today: President predicts 'tremendous success' after well-received speech

    Trump Today: President predicts 'tremendous success' after well-received speech

    The address will include a moment of remembrance for Supreme Court Justice Antonin Scalia, who passed away a year ago . In 1981, new President Ronald Reagan, a Republican, discussed concerns his policies would hurt low-income Americans.

CONNECT