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3 at Tyson Subsidiary Named in SEC Inquiry

IN BRIEF / FOOD

November 30, 2002|From Associated Press

Tyson Foods Inc. said three employees of a subsidiary have been targeted by federal regulators over alleged improprieties in financial statements.

Tyson said in a filing with the Securities and Exchange Commission that regulators said they were recommending enforcement action against the workers at DFG Foods, a subsidiary at the heart of a dispute over Tyson's acquisition of IBP Inc.

A judge ruled last year that Springdale, Ark.-based Tyson could not back out of its planned $4.7-billion acquisition of IBP. The meatpacker has since been rolled into Tyson operations.

Tyson shares fell 22 cents to $11.80 on the NYSE.

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