Caterpillar’s Illinois Facilities Raided by Feds

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Caterpillar Inc.’s Wall Street plummet in stock Thursday was considered an after-effect of federal authorities abruptly raiding three of the construction giant’s Illinois facilities.

Though Sharon Paul of the U.S. Attorney’s Office for Illinois’ Central Distict confirmed the presence of federal agents on the site of Caterpillar buildings, she did not divulge the reasoning. However, Caterpillar released a statement this afternoon suggesting the company’s current involvement in an IRS investigation as primary causation for a search of its locations.

A segment of Caterpillar’s statement read, “…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.”

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