3 Federal Agencies Raid Caterpillar Offices

Agents from the Internal Revenue Services, Federal Deposit Insurance Corporation and U.S. Department of Commerce carried out a search warrant Thursday of three Caterpillar Inc. CAT facilities, including corporate headquarters.

“Caterpillar is cooperating,” the company said in a brief statement.

Company spokespersons would not comment on the details of the investigation, but a local NBC affiliate said a source confirmed it involved tax documents.

Employees in the tax, accounting and executive offices were sequestered in their building's cafeteria and instructed not to leave, according to the local Journal Star.

Caterpillar's stock traded recently at $94.37, down more than 4 percent on the day.

In a statement released shortly after 4 p.m., the company said, "While the warrant is broadly drafted, we believe the execution of this search warrant is regarding, among other things, export filings that relate to the CSARL matter first disclosed in Caterpillar's Form 10-K filed on February 17, 2015, and updated in Caterpillar's most recent Form 10-K filed with the SEC on February 15, 2017."

Update: On Friday afternoon, Caterpillar said:

"Federal authorities are concluding the on-site investigation that began yesterday. We have been in full cooperation with the agencies and are committed to bringing resolution to the matter.

"I also want to stress, Caterpillar is a company with the highest integrity. Our Code of Conduct firmly states that we conduct our business within the framework of applicable laws and regulations in every country in which we do business.

"We will continue to cooperate throughout the course of this ongoing investigation. In the meantime, we are back to work. The buildings are busy, our teams are focused and we are moving forward with the business at hand, including our participation next week at ConExpo 2017."