India, Nov. 21 -- AeroVironment Inc. (AVAV) said that it has reached a settlement with the United States Department of State for alleged export violations the company reported voluntarily for the period June 5, 2014 to December 22, 2016.

The company has agreed to pay $1 million over a two-year period, $500,000 of which is suspended and can be credited against investments already made or to be made to enhance export controls.

The company noted that it will also hire an outside Special Compliance Officer for a term of one year and conduct an external audit to assess and improve its compliance program during the Consent Agreement term.

Published by HT Digital Content Services with permission from RTT News....