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Technology Stocks : Compaq
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To: Loki who wrote (78717)2/24/2000 6:30:00 PM
From: Andreas  Read Replies (1) of 97611
 
SEC asked cpq to change auditors;

I don't think there is any great mystery here. The SEC is investigating Price Waterhouse for alleged violations of SEC "independence" rules. SEC concluded that Price Waterhouse violated these rules as they relate to one or more clients including cpq. Therefore, SEC strongly suggested that cpq hire new "independent" auditors. CPQ complied and hired new firm. Apparently, one or more persons at Price Waterhouse were considered too close to cpq (ie. former employees of cpq etc.). Without facts we can only guess as to which individuals and circumstances caused the violation. In the final analysis it really doesn't matter. There was a real or perceived potential conflict and it was addressed.
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