April 20, 2022, 11:58 a.m. EDT

Stericycle to pay $90 million to resolve anti-corruption investigations with U.S., Brazil authorities

Shares of Stericycle Inc. (NAS:SRCL) rose 1.1% in midday trading Wednesday, after the waste management services company agreed to pay $90 million to resolve anti-corruption investigations with U.S. and Brazilian regulators. The investigations, by the U.S. Department of Justice (DOJ), the U.S. Securities and Exchange Commission and Brazil's Comptroller General's Office (CGU) and Attorney General's Office (AGU), began in 2017 and were focused on conduct by employees in its Latin America businesses, including those in Argentina, Mexico and Brazil; the company has since sold its operations in Argentina and Mexico. As part of the resolution, the company entered into a Deferred Prosecution Agreement with the DOJ and agreed to an administrative order with the SEC. The company will engage an independent compliance monitor for two years, after which it will self-report to the U.S. agencies on its compliance for another year. Separately, the SEC said it charged Stericycle for violations of the Foreign Corrupt Practices Act (FCPA), in which the company paid "millions of dollars in bribes" for business with government customers in Brazil, Mexico and Argentina. ""Resolving this legacy matter represents another important milestone in Stericycle's business transformation journey," said Stericycle Chief Executive Cindy Miller. The stock has lost 16.4% over the past 12 months, while the S&P 500 (S&P:SPX) has gained 8.2%.

Link to MarketWatch's Slice.