(Bloomberg) — 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 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 yesterday. 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.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
