SEC says IBM misled investors on expenses
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IBM  misled investors by  overestimating the impact of stock-based compensation expenses  on quarterly earnings in 2005, the U.S. Securities and Exchange  Commission said on Tuesday.
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(InfoWorld) - Brocade Communications Systems has agreed to pay a $7 million penalty to settle charges of stock-option backdating fraud. The payment will settle a civil action brought by the U.S. Securities and Exchange Commission and comes with a permanent injunction against the storage networking company not to break various accounting laws. The SEC's action, announced Thursday, signals that the agency will take strong action against companies accused of backdating fraud. Scores of high-tech companies have either come under federal investigation or started their own probes related to the practice. Former Brocade executives granted tens of millions of stock options to employees and falsified the dates of those grants so that they could hide the cost of the options from shareholders, the SEC charged. Brocade did not admit to or deny the charges. The settlement concludes the SEC action, and Brocade said it does not expect the Department of Justice to take any action against it. "Falsifying compensation expenses is no less misleading to investors than falsifying revenue," said Linda Chatman Thomsen, director of the SEC's enforcement division, in a statement. Brocade's former chairman, president and CEO, Gregory Reyes, as well as former human resources chief Stephanie Jensen and former Chief Financial Officer Antonio Canova, were charged last July with fraud and other securities law violations. "The SEC will use all the weapons in our arsenal, including significant corporate penalties, to protect investors and combat fraudulent stock option backdating," SEC chairman Christopher Cox said in a statement. Backdating is legal and was a common practice in the fevered high-tech job market of the late 1990s as vendors competed for talent with attractive financial packages. But some of the biggest names in IT, including Apple, Broadcom, and McAfee, have been hit by concerns over how they carried it out.ADVERTISEMENTIBM Information On Demand 2006Industrial Industry Leaders, please join us at IBM's premier information management global event, IBM Information On Demand 2006, October 15-20, Anaheim, CA. More IBM business and technical solutions content in one place than ever before! Select from  over 800 sessions. Register today!
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BEA Systems said Monday that it would restate results to reflect expenses associated with misdated stock option grants.
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An independent audit committee assembled by network technology provider Broadcom in the wake of the industry-wide SEC options backdating scandal, has found that stock options granted to executives and employees for a nearly five-year period were improperly accounted for.
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Morningstar is under investigation from the Securities and Exchange Commission for taking too long to correct inaccurate data it published regarding a single mutual fund.
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Neither admits, nor denies, wrongdoing 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.â¦
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Console maker accused of fraud, accuses bank of misrepresentation
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Computer Sciences Corp. has delayed filing its annual report with the U.S. Securities and Exchange Commission because it has found "significant" accounting errors over multiple years, the IT services provider announced Wednesday.
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Microchip maker Broadcom Corp.   on Friday said an internal review had uncovered  discrepancies in its accounting for stock options grants and  that it would restate earnings as far back as 2000.
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The U.S. Securities and Exchange  Commission on Wednesday said Fannie Mae misapplied accounting  principles and called on the mortgage finance company to  restate earnings.
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The US Securities and Exchange Commission on Wednesday said Fannie Mae misapplied accounting principles and called on the mortgage finance company to restate earnings.
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IBM Corp. said Wednesday it will take a US$320 million charge this quarter to settle some claims and cap its liability on others in a long-running class-action dispute about changes made in the 1990s to its pension plan.
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IBM on Monday said fourth-quarter revenue, aided by exchange rates and sales outside the U.S., stood at $28.9 billion, an increase of 10 percent over the same period in 2006.The figure, which topped predictions of $27.82 billion by analysts polled by Thomson First Call, was helped by the ongoing weakness in the dollar, IBM said.Samuel J. Palmisano, IBM&#39;s chairman, president and chief executive officer, said in a statement that the results were also helped by strong sales in Asia, Europe, and emerging markets.IBM said it earned $2.80 per share in the quarter, handily beating the analysts&#39; forecast of $2.60 per share. The results represent a 24 percent increase over the same period in 2006, when IBM earned $2.26 per share.Total revenue for 2007 was $98.6 billion, an 8 increase from 2006. Overall earnings for 2007 were $7.18 per share, a rise of 18 percent over 2006, according to IBM.The company also said it had more than $16 billion in cash on hand at the end of 2007.Shares of IBM shot up nearly 8 percent on the news in premarket trading Monday, to $105.36.IBM plans to provide a full earnings report during a webcast on Thursday.
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IBM (NYSE: IBM) today announced Thoma Cressey's recent investment of over one hundred million dollars in technology companies that serve users of IBM's "all-in-one" System i business computing platform.
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U.S. government prosecutors are  investigating whether Swiss banking giant UBS misled investors  by reporting inflated prices of mortgage-backed securities it  held despite knowing those valuations had eroded, the Wall  Street Journal said on Saturday.
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Google Inc.   disclosed in its 2006 annual report on Thursday that the U.S.  Securities and Exchange Commission nearly a year ago had called  into question how it accounted for income taxes.
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After settling a portion of a 5-year-old lawsuit involving its pension plan, Armonk, NY-based IBM Corp. (NYSE: IBM) will take a $320 million charge on its third-quarter earnings.