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California company discloses new FCPA investigation

A natural foods and bio tech firm said Thursday that practices at a company it acquired in Mexico have triggered DOJ and SEC investigations into potential environmental and FCPA compliance matters.

Santa Clara, California-based Landec Corporation disclosed in SEC filings an investigation into its Yucatan Foods unit that it acquired in late 2018.

Yucatan produces guacamole at its plant in Mexico called Procesadora Tanok, S de RL de C.V.

The conduct in question relates to “regulatory permitting at the Tanok facility in Mexico.”

Landec retained Latham & Watkins in October 2019 for an internal investigation.

The company said it “subsequently disclosed” to the DOJ and SEC “the conduct under investigation, and these agencies have commenced an investigation.”

The SEC filings were first reported by FCPA Tracker. Landec trades on Nasdaq under the symbol LNDC.

Landec said it is cooperating in the government investigations.

“The conduct at issue began prior to the Yucatan acquisition,” according to the disclosure.

Landec said it has certain indemnification rights connected with the Yucatan acquisition. But the “ultimate outcome” of the investigations and their financial impact is still uncertain, the company said.

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