Feeds

Sun denies accounting irregularities

Rumours and analyst reports hit share price

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Sun Microsystems has denied rumours that "accounting irregularities" might force it to revise its stated revenues.

The rumours, combined with analyst reports casting doubt on Sun's future sales, knocked around 13 per cent from the computer manufacturer's share price before a partial recovery, according to the Financial Times.

The paper reports that Michael Lehman, chief financial officer of Sun, issued a statement after the stock market closed, saying that any rumours of accounting regularities or revenue reporting problems "have no basis in fact and are false".

Analysts at Goldman Sachs and Bank of America Securities have issued cautious research bulletins about Sun that said it might struggle to meet sales targets in the face of a global economic slowdown in server sales. The introduction of more competitive products from Hewlett-Packard and Compaq may also eat into Sun's share of the Unix market, they warned. ®

Related Stories

HP confident of double-digit growth in 2001
Compaq plans $1bn purchase of own stock
The VAX of Life: Sun's cluster guru talks Full Moon

Providing a secure and efficient Helpdesk

More from The Register

next story
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.