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SEC Steps Up Raytheon Probe

The agency issues a formal order in connection with its inquiry into the company's aircraft unit.
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(RTN) - Get Raytheon Company Report

said Tuesday that the

Securities and Exchange Commission

issued a formal order in connection with an inquiry into certain accounting practices at the company's Raytheon Aircraft unit.

The company first disclosed an SEC investigation earlier this year. Raytheon said it is continuing to cooperate fully with regulators.

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In January, Raytheon said

the SEC had opened an informal inquiry into the timing of revenue recognition at its aircraft unit. At the time, the defense electronics giant said the probe focused on the period 1997 to 2001. Raytheon also said then that it believed the accounting was appropriate.

The probe was being focused on the company's commuter aircraft division, the maker of the Beech and Hawker jets.

Shares of Raytheon were down 91 cents, or 2.8%, to $31.55 on the

New York Stock Exchange