All,
Please see the following link. Apparently our CFO has a history of aggressive or some would say fraudulent revenue recognition.
Informix's Infamy Company's huge settlement shows not all securities fraud suits are nuisance suits
mercurycenter.com
quoting from the article:
'You had a $300 million restatement (of revenue in 1997)....Under the terms of the deal with investors, which must still be approved by the courts, Informix will pay $108 million, much of it in stock, while Ernst & Young will pay $34 million in cash.
Much of the alleged misconduct, according to plaintiff's court papers, was directed by top management, particularly White and his former chief financial officer, Howard Graham.
White could not be reached for comment, and his lawyer, Jeffrey Shopoff, did not return phone calls. Graham, now a vice president at San Mateo-based Siebel Systems Inc., did not return a detailed phone message
Any comments? I was unaware of this history.
Shane |
