Plantronics Posting Steep Loss After Announcing Settlement With SEC

(RTTNews) - After moving sharply higher in the previous session, shares of Plantronics, Inc. (PLT) are pulling back along with the broader markets during trading on Thursday. Plantronics is currently down by 7.1 percent, just above the six-year closing low set on Monday.

The steep drop by Plantronics comes after the communications product maker agreed to pay $36 million as part of a settlement with the SEC related to foreign bribery allegations involving its recently acquired Polycom unit.

"We are very pleased that the investigation into some of Polycom's foreign operations has concluded," said Plantronics CEO Joe Burton. "Plantronics has been, and remains, committed to operating with ethical and financial integrity, and we look forward to the future with Polycom."