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Titan Slides on SEC Probe

The company is reviewing its relationship with consultants and international payments.
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was under pressure Friday after disclosing that the

Securities and Exchange Commission

was looking into possible illegal payments in foreign countries and its agreements with international consultants.

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The news could complicate Titan's $1.8 billion acquisition by

Lockheed Martin

(LMT) - Get Lockheed Martin Corporation Report

, which said Friday it plans to review the payments.

Titan said it is also conducting an internal review "relating to certain agreements between Titan and international consultants and related payments in foreign countries," adding that it "is not aware of any unlawful payments by Titan and intends to cooperate fully with the government's investigation."

Titan's board established a committee to oversee the company's internal review. Recently, Titan's shares were off $1.75, or 8%, to $20.05.