U.S. SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO. 18370 / September 29, 2003

   ACCOUNTING AND AUDITING ENFORCEMENT RELEASE NO. 1876/ September 29,
   2003

   SEC SETTLES ACCOUNTING FRAUD CASE AGAINST FORMER PRESIDENT OF
   OAKGRIGSBY, INC.

   (United States District Court for the Northern District of Illinois,
   Civ. No. 00-C-5935)

   The Securities and Exchange Commission announced today that, on
   September 12, 2003, an Illinois federal court entered, by consent, an
   order permanently enjoining defendant James C. Horne, of Lake Bluff,
   Illinois, from future violations of the antifraud, periodic reporting,
   books and records and internal accounting controls provisions of the
   federal securities laws. The order also holds Horne liable for
   disgorgement and interest totaling almost $100,000, but waives payment
   of all but $20,000, and does not impose a penalty, based on Horne's
   sworn representations and other documents submitted concerning his
   financial condition. At the time of the conduct at issue, Horne was
   the president of OakGrigsby, Inc., a Sugar Grove, Illinois company
   that was a division of Oak Industries, Inc., headquartered in Waltham,
   Massachusetts.

   The Commission's complaint, filed on September 27, 2000, alleged that,
   between July 1995 and January 1997, defendants Horne and Matthew R.
   Welch, the former controller of OakGrigsby, conspired to fraudulently
   conceal OakGrigsby's operating expenses such as salaries, shipping and
   travel. OakGrigsby's results were consolidated with those of other Oak
   divisions and incorporated into Oak's periodic Commission filings and
   press releases. As a result of Horne and Welch's actions, Oak's income
   per share for the fourth quarter of 1995 and for the first three
   quarters of 1996 were materially overstated. According to the
   Complaint, the defendants were, at least in part, motivated to
   undertake the scheme in order to ensure that OakGrigsby met specified
   earnings targets, which allowed Horne to earn a bonus of $55,000 for
   1995. The disgorgement ordered by the Court was of Horne's 1995 bonus.
   Welch has previously settled the Commission's action.

   The Commission's complaint charged Horne with, and the Court
   permanently enjoined Horne from, violating Section 10(b) of the
   Securities Exchange Act of 1934 and Rule 10b-5 thereunder (antifraud
   provisions), Exchange Act Rule 13b2-1 (prohibiting falsification of
   issuer books and records), and aiding and abetting violations of
   Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and