Defendant Name: PTC Inc.

Defendant Type: Public Company
SIC Code: 7372
CUSIP: 69370C10

Initial Case Details

Legal Case Name In the Matter of PTC Inc.
First Document Date 16-Feb-2016
Initial Filing Format Administrative Action
File Number 3-17118
Allegation Type Foreign Corrupt Practices Act

Violations Alleged

Exchange Act
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
• Sec 30A

Related Violations Alleged

PTC Inc. is alleged to have controlled Parametric Technology Software Company Limited's violation of Sec 30A of the Exchange Act.
PTC Inc. is alleged to have controlled Parametric Technology Limited's violation of Sec 30A of the Exchange Act.

Resolutions

First Resolution Date 16-Feb-2016
Headline Total Penalty and Disgorgement $13,622,000

Related Documents:

2016-29 16-Feb-2016 Press Release--Administrative Proceeding
SEC: Tech Company Bribed Chinese Officials
On February 16, 2016, the SEC announced that "a Massachusetts-based technology company and its Chinese subsidiaries agreed to pay more than $28 million to settle parallel civil and criminal actions involving violations of the Foreign Corrupt Practices Act (FCPA)." The SEC noted that PTC's "two China subsidiaries agreed to pay a $14.54 million fine in a non-prosecution agreement announced today by the U.S. Department of Justice."
34-77145 16-Feb-2016 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On February 16, 2016, the SEC instituted settled cease-and-desist proceedings against PTC Inc. According to the SEC: "This matter concerns violations of the anti-bribery, books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act ('FCPA') by PTC. From at least 2006 into 2011, two wholly-owned PTC subsidiaries (collectively, 'PTC-China') provided improper payments totaling nearly $1.5 million to government officials ('Chinese government officials' or 'officials') who were employed by Chinese state owned entities ('SOEs') that were PTC customers. These payments were made to obtain or retain business from the SOEs. Specifically, PTC-China provided non-business travel, primarily sightseeing and tourist activities, as well as improper gifts and entertainment, to the Chinese government officials. PTC earned approximately $11.85 million in profits from sales contracts with SOEs whose officials received the improper payments." The SEC did not impose a civil penalty on PTC "based upon its payment of a $14,540,000 criminal fine as part of Respondent's subsidiaries' settlement with the United States Department of Justice."