SAP Shares Fall After Report of U.S. Probe
By Andrea Figueras
Shares in Germany's SAP fell after Bloomberg reported that U.S. officials are investigating the software giant and other companies for potentially conspiring to overcharge government agencies.
Justice Department lawyers have since at least 2022 been looking into potential price fixing on sales to the U.S. military and other parts of the government, according to the report that cites federal court records filed in Baltimore. SAP and other companies may have overcharged U.S. government agencies for purchases valued at more than $2 billion since 2014, the report noted.
The news sent SAP shares down 3.6% at 199.46 euros in European morning trading. SAP declined to comment.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
September 25, 2024 04:39 ET (08:39 GMT)
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