Feeds

Veritas plans to hand SEC $30m to end accounting saga

Five years coming

  • alert
  • submit to reddit

Business security measures using SSL

Veritas expects US regulators to hit it with a $30m charge to settle up a long-term investigation into the company's accounting practices.

Veritas has been upfront about the US Securities and Exchange Commission's look at its books. The software maker has admitted to a series of accounting mistakes and controversial practices and has restated financial results from the fiscal years 2000, 2001, 2002 and 2003. Earlier this year, Veritas was forced to delay the filing of a year-end report with the SEC as it struggled to meet the new Sarbanes-Oxley requirements.

In a filing today with the SEC, Veritas said the following, "(The company) is in discussions with the staff of the Securities and Exchange Commission regarding the Commission's review of the Company's accounting for certain transactions in 2000 with AOL Time Warner and other parties, and certain accounting matters applicable to the Company's 2001 through 2003 financial statements . . . Based on recent communications with the staff of the SEC, as of the date of this current report, the Company expects these discussions to result in a settlement in which the Company will be enjoined from future violations of certain provisions of the securities laws and required to pay a penalty of approximately $30 million."

That $30m charge will be tacked on to Veritas's first quarter results, which were reported last week.

There's no lack of irony in Veritas's accounting troubles. For one, the company's name means "truth" in Latin - a fact that was highlighted by reporters a couple of years back when Veritas's CFO was fired for faking information on his resume. Secondly, Veritas sells a line of software meant to help companies meet regulatory requirements.

The company is currently being acquired by Symantec and doesn't expect the SEC matters to affect this deal. ®

Related stories

Veritas gets unusual services boost in Q1
Can compliance-challenged Veritas sell compliance?
Deficient Veritas delays year-end fiscal report
Symantec buys Veritas for $13.5bn stock
Veritas lowers Q2 forecast. Investors lower Veritas
Veritas cleans up financials
Veritas to restate results after probe

Reducing the cost and complexity of web vulnerability management

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Protecting users from Firesheep and other Sidejacking attacks with SSL
Discussing the vulnerabilities inherent in Wi-Fi networks, and how using TLS/SSL for your entire site will assure security.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.