SEC charges RPM International Inc. of Medina with violating antifraud provisions

The U.S. Securities and Exchange Commission has charged Medina-based coatings and sealants company RPM International Inc. with violating antifraud provisions of federal securities laws.
Frank C. Sullivan, chairman and chief executive officer of RPM said in a prepared statement that SEC’s allegations “have absolutely no merit and are the product of prosecutorial overreach.”
The complaint involves an investigation by the U.S. Department of Justice for overcharging the government on certain contracts.
RPM’s general counsel, Edward W. Moore, oversaw RPM’s response to the DOJ investigation. But, according to the SEC’s complaint, filed Friday, Moore did not inform RPM leaders and independent auditors of “material facts” about the investigation.
As a result, the SEC says, “RPM did not provide investors with accurate information about RPM’s financial condition.”
The complaint also charges Moore with violating sections of federal securities laws.