Global Processing

General Mills may face SEC action

February 4, 2004
General Mills Inc. disclosed Tuesday that it may face civil charges in a Securities and Exchange Commission investigation into the company''s sales practices, the Associated Press reports. General Mills said the SEC had sent a "Wells notice," a formal notice that the agency has made a preliminary decision to recommend civil action against the company. The notice also covers chief executive Steve Sanger and chief financial officer James Lawrence, the food giant said. General Mills announced in October that the SEC had requested information about sales practices and related accounting. On Tuesday, the company said that inquiry is ongoing. It said the Wells notice "involves the company''s sales practices and disclosures related to those practices."