SAP shares fall after US investigation report

By Andrea Figueras

Shares of German company SAP fell after Bloomberg reported that U.S. officials were investigating the software giant and other companies for a potential conspiracy to overpay government agencies.

Justice Department lawyers have been investigating potential price-fixing of sales to the U.S. military and other parts of the government since at least 2022, according to the report, which cites federal court records filed in Baltimore. SAP and other companies may have inflated prices to U.S. government agencies for more than $2 billion in purchases since 2014, the report noted.

The news sent SAP shares down 3.6% to 199.46 euros in European morning trading. SAP declined to comment.

Write to Andrea Figueras at [email protected]

(END) Dow Jones Newswires

September 25, 2024, 04:39 ET (08:39 GMT)