CHICAGO, Sept. 24 /PRNewswire/ -- Morningstar, Inc. today announced that
the Securities and Exchange Commission (SEC) is conducting an investigation of
the company regarding incorrect total return data that Morningstar published
during a short period in early 2004 with respect to a single mutual fund, the
Rock Canyon Top Flight Fund.
(Logo: newscom.com )
On May 24, 2004, Morningstar received a "Wells Notice" from the staff of
the Division of Enforcement of the SEC, indicating that it was considering
civil action against the company for violating U.S. securities laws. A Wells
Notice provides the recipient the opportunity to present facts and arguments
against the initiation of such action.
Morningstar has been fully cooperating with the SEC and continues to be in
discussions with the SEC regarding this matter.
Joe Mansueto, chairman and chief executive officer, has posted a letter
relating to this investigation on the company's Web site at
news.morningstar.com .
Morningstar, Inc. is a leading provider of independent investment research
in the United States and in major international markets. Morningstar tracks
more than 100,000 investment offerings, including 7,000 stocks, 16,000 mutual
fund share classes, and similar vehicles. The company has operations in 16
countries.
Contact: Margaret Kirch Cohen, 312-696-6383 or
margaret.cohen@morningstar.com |
