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Sierracin Is Subject of SEC Investigation

September 29, 1987

The Securities and Exchange Commission has begun an informal investigation of Sierracin, and a company executive said the probe probably stems from a lawsuit filed by dissident stockholder Herbert Hastings.

Sierracin, a Sylmar-based aerospace concern, said in a quarterly financial statement that it was asked by the SEC to provide internal correspondence and other documents related to its activities from 1982 to the present.

The SEC does not comment on current investigations. Gary Roberts, Sierracin's vice president for finance, said the SEC did not tell the company why it wanted the documents.

But Roberts said he is "reasonably certain it is related" to the Hastings suit filed in July. Hastings, who with his wife Euretta owns 7.3% of Sierracin's stock, alleged misconduct, fraud and misappropriation of corporate funds by management.

A Sierracin official termed the charges "false and without merit."

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