Feeds

IBM forks out $7m in Dollar General settlement

Neither admits, nor denies, wrongdoing

High performance access to file storage

IBM has agreed to pay $7m to settle a Securities and Exchange Commision investigation into financial statements from Dollar General in 2000. The money will go into a Dollar General general shareholder fund.

The payment is only part of the settlement, under which IBM says it neither admits nor denies wrong doing. The terms of the agreement do include IBM accepting an administrative order from the SEC instructing the firm not to break the federal securities laws and related SEC rules.

In 2004, the SEC informed IBM that it was investigating an $11m transaction with Dollar General, as part of a broader investigation into the accounting practises of the IBM client. The SEC said the transaction violated accounting rules.

IBM says Dollar General is client of its Retail Store Solutions unit, which sells point-of-sale products.

IBM paid the money to Dollar General for used technology equipment as part of a deal in which Dollar General also bought new equipment from IBM. The SEC found that this deal helped a Dollar General earnings misstatement in 2000.

IBM says that it will not need to restate any earnings, since it has already dealt with any issues the SEC identified. ®

High performance access to file storage

More from The Register

next story
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.