On September 5, 2024, the SEC instituted settled cease-and-desist proceedings against CIRCOR International, Inc., stating: "This matter involves financial reporting, books and records, and internal accounting controls failures by CIRCOR, a Massachusetts-based formerly publicly traded company. Between 2019 and 2021, CIRCOR failed to devise and maintain a sufficient system of internal accounting controls, which, in turn, permitted a former finance director at a United Kingdom-based subsidiary to manipulate CIRCOR's books and records by artificially inflating its net assets and operating income by millions of dollars. CIRCOR's management failed to detect the former finance director's misconduct for several years because of the company's deficient control environment. During that time, CIRCOR filed numerous materially misstated financial statements with the Commission that were included in various periodic reports."

The SEC stated: "CIRCOR . . . failed to devise and maintain sufficient internal accounting controls concerning financial statement preparation, reconciliation processes, and access to bank accounts."