NAI faces SEC probe
Bid to take over McAfee.com suspended
Posted in Business, 26th March 2002 17:13 GMT
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Network Associates has issued a statement confirming the Securities and Exchange Commission is investigating its accounting practices.
The probe will focus on NAI's results from 2000, which predates its current management. Network Associates stated that it believes that its accounting was proper but it will fully co-operate with the SEC.
Because of the inquiry, NAI postponed its bid to acquire shares in its McAfee.com security manged services subsidiary that it doesn’t already own.
Yesterday that offer suffered a setback when the board of McAfee.com described it as "financially inadequate" and encouraged its shareholders to reject NAI’s overtures. ®
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