Bill Wexler's Dog Pound Message Board

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Non-Tech : Bill Wexler's Dog Pound

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To: Bill Wexler who wrote (5998)	1/11/2000 5:26:00 PM
From: Peter V	Read Replies (2) of 10293

SEC Settles Case Against Informix dailynews.yahoo.com Tuesday January 11 3:57 PM ET SEC Settles Case Against Informix WASHINGTON (AP) - The Securities and Exchange Commission said Tuesday it has settled a case alleging that Informix Corp (NasdaqNM:IFMX - news). fraudulently inflated company revenues and earnings. The SEC found that former Informix employees inflated revenues by $295 million and earnings by $244 million between 1994 and the first quarter of 1997. No monetary fines or penalties were imposed against Informix, a database software company based in Menlo Park, Calif. The SEC said Informix failed to devise and maintain sufficient internal accounting controls. It said that as the fraud came to light, former Informix managers committed fraud in trying to avoid a restatement of the company's financial statements. After replacing its former management, Informix and its auditors uncovered more than $100 million of accounting irregularities and restated its financial statements. Informix agreed to an SEC order to cease and desist from violating securities laws, but did so without admitting or denying the findings. The SEC said its investigation is continuing and that Informix has agreed to cooperate with it.

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