Sec Launches Probe Of Morrison Knudsen

Morrison Knudsen Corp. has confirmed federal securities regulators are conducting an inquiry into the financially troubled engineering and construction company.

Morrison Knudsen spokesman Brent Brandon declined to discuss the focus of the Securities and Exchange Commission inquiry.

“The SEC is not conducting any formal investigation. It is my understanding that it is not uncommon for the SEC to inquire informally when a company’s stock depreciates considerably,” he said Tuesday.

Boise-based Morrison Knudsen has seen its stock plummet from nearly $30 a share to about $7 in the past year following the announcement of huge 1994 losses and the ouster of former Chairman William Agee.