SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 28, 1999
AGWAY INC.
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(Exact name of registrant as specified in its charter)
Delaware 2-22791 15-0277720
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
333 Butternut Drive, DeWitt, New York 13214
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (315) 449-6436
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Item 5. Other Events
On June 28, 1999, it was disclosed to the Company that records had been
falsified during the fiscal year ended June 1999 to conceal losses from
unauthorized speculative activity in the Agricultural Group's grain marketing
business. An investigation of these matters is currently being conducted
utilizing internal financial staff, the Company's external audit firm, and
legal counsel. Actions have been taken by the Company to limit the loss
from this unauthorized activity. In addition, individuals identified as
involved in the unauthorized speculative activity have been terminated from
employment. The preliminary unaudited results of that investigation indicate
the total loss to the Company associated with the unauthorized activity is less
than $10 million. While the investigation is ongoing, the Company, at present,
still expects to report positive earnings before income taxes for the year.
However, it may be necessary to restate financial results for the first three
quarters of the fiscal year ended June 1999. The financial results of this
activity will be more fully disclosed in the Company's 1999 Form 10-K filing.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AGWAY INC.
(Registrant)
Date July 8, 1999 By /s/ PETER J. O'NEILL
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Peter J. O'Neill
Senior Vice President
Finance & Control
(Principal Financial Officer and
Chief Accounting Officer)
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