Smith & Wesson Holding Corp (NASDAQ:SWHC) to Pay SEC $2 Mln to Settle International Bribery Charges

Smith & Wesson Holding Corp (NASDAQ:SWHC) edges higher near midday Monday after the Securities and Exchange Commission announces the company will pay regulators $2 million to settle bribery charges.

The firearms manufacturer on Monday agreed to settle disciplinary proceedings that alleged its international sales team bribed military and police officials in Pakistan, Indonesia and other countries, in order to attract new businesses from 2007 until 2010, the SEC announced.

“When a company makes the strategic decision to sell its products overseas, it must ensure that the right internal controls are in place and operating,” said Kara Brockmeyer, chief of the SEC’s enforcement division’s foreign corrupt practices act unit, in a release.

Smith & Wesson consented to the order instituting a settled administrative proceeding without admitting or denying the findings. The SEC noted that Smith & Wesson has taken several remedial steps, including halting the sales transactions before they went through and terminating its entire international sales staff. SWHC traded up to $13.82 in Monday’s session; it moves in a 52-week range of $10.25 to $17.28.