Biotechnology manufacturer Monsanto is scheduled to pay about $80 million to settle charges relating to a coporate rebate program.The United States Securities and Exchange Commission has said that three accounting and sales executives from the company have also agreed to settle as well.

"An SEC investigation found that Monsanto had insufficient internal accounting controls to properly account for millions of dollars in rebates offered to retailers and distributers of Roundup after generic competition had undercut Monsanto’s prices and resulted in a significant loss of market share for the company.  Monsanto booked substantial amounts of revenue resulting from sales incentivized by the rebate programs, but failed to recognize all of the related program costs at the same time.  Therefore, Monsanto materially misstated its consolidated earnings in corporate filings during a three-year period."

The SEC's statement was made in reference to sales of Monsanto's top-selling weed-killer, "Roundup."

Despite making the settlement Monsanto officials have not admitted or denied the veracity of the charges.

 

 

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