Original URL: https://www.theregister.com/2002/03/26/nai_faces_sec_probe/

NAI faces SEC probe

Bid to take over McAfee.com suspended

By John Leyden

Posted in On-Prem, 26th March 2002 17:13 GMT

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. ®

Related stories

All of McAfee, why don't you take...
NY sues NAI so you can say McAfee sucks
McAfee.com launches in the UK