SPRINGFIELD, Mo., May 26, 2009 (GLOBE NEWSWIRE) -- O'Reilly Automotive Inc. ("O'Reilly") (Nasdaq:ORLY) commented today on an agreement that has been reached with the U.S. Securities and Exchange Commission to resolve a long running investigation involving the entity formerly known as CSK Auto Corporation ("CSK") through the issuance by consent of an administrative order prohibiting future violations of the federal securities laws (the "Order"). The events described in the Order occurred at CSK during the company's fiscal years 2002 through 2004. More than three years after the conduct described in the Order, in July 2008, CSK was acquired by O'Reilly and CSK is now an indirect wholly-owned subsidiary of O'Reilly. CSK consented to the issuance of the Order without admitting or denying any wrongdoing. Four former CSK employees who are referred to in the Order ceased to be associated with CSK before the acquisition, and were never associated with O'Reilly. There are no fines, disgorgement payments or financial remedies associated with the settlement.
"We are pleased that we have been able to conclude this legacy matter with the SEC related to historical conduct at CSK on a basis where no financial burden will be incurred. With this legacy matter behind us, we continue to execute our strategies for the long-term success of our business," said Greg Henslee, Chief Executive Officer of O'Reilly.
O'Reilly Automotive, Inc. is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment and accessories in the United States, serving both the do-it-yourself and professional installer markets. Founded in 1957 by the O'Reilly family, the Company operated 3,337 stores in 38 states as of March 31, 2009.
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