US Department of Justice is probing price-fixing allegations in the $4 billion PVC pipe market, the Financial Times reported Friday, citing a filing by Otter Tail.
Otter Tail, which owns PVC manufacturers Northern Pipe Products and Vinyltech, disclosed in the filing that it received a grand jury subpoena for documents related to producing, pricing and selling PVC pipe, the report said.
The probe follows allegations from short-seller ManBear and civil lawsuits. The lawsuits claimed manufacturers coordinated price hikes through a News Corp-owned trade journal, PVC & Pipe Weekly, according to FT.
Otter Tail has warned that an antitrust violation could have a significant impact on its financial condition, adding that it intends to defend against the claims, according to Financial Times.
DoJ and Otter Tail did not immediately respond to MT Newswires' requests for comment.
Otter Tail shares were down 4% in recent trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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