Post-It maker 3M Co (MMM.N) said on Friday it was investigating potential violations of the U.S. Foreign Corrupt Practices Act or other anti-corruption laws related to certain business groups in China.
“The company, through its internal processes, discovered certain travel activities and related funding and record keeping issues raising concerns, arising from marketing efforts by certain business groups based in China,” 3M said in a regulatory filing.
The company said it had disclosed the investigation to the U.S. Department of Justice and the Securities and Exchange Commission and is cooperating with both agencies. (bit.ly/30RT7oe)
3M said it had retained outside counsel and a forensic accounting firm to assist with the investigation.
The disclosure comes a day after the company posted a quarterly profit that beat estimates.
Shares of the company fell 2.6% to $173.42.