AKRON (July 21, 2005) — The U.S. Department of Justice (DOJ) has decided not to proceed against Myers Industries Inc. for international business practices that the company said previously may have been in violation of U.S. laws.
Akron-based Myers said it had reported the practices to the DOJ and the Securities and Exchange Commission on July 15, 2004. The practices related to the invoicing of certain sales to foreign customers of the company's distribution segment and sales made by foreign subsidiaries to prohibited customers in certain international jurisdictions. Myers did not indicate which jurisdictions the sales included.
Myers said in a statement that it conducted an independent investigation and provided the results to the DOJ and the SEC.
“Though the DOJ's decision is not binding, it is unlikely that the DOJ would take action at a later time,” Myers said in a statement.
Myers said it continues to work with the SEC and the Office of Foreign Asset Control in the U.S. Treasury Department to complete their investigations. These entities still could determine that the actions were unlawful, Myers said.