Legato Delays 1999 10-K Filing
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--April 17, 2000--Legato Systems, Inc. (Nasdaq: LGTO), a worldwide leader in enterprise storage management software, today announced it will delay the filing of its 1999 Form 10-K with the Securities and Exchange Commission pending completion of the audit of its fiscal 1999 financial results. While the Company had previously anticipated it would file its 10-K by April 14th, the evaluation of transactions throughout fiscal 1999 by the Company and its independent auditors has not yet been completed. It is the Company's objective to complete this review over the next several weeks. As a result of its ongoing investigation, the Company will delay the release of its financial results and teleconference briefing for the first quarter of fiscal 2000, previously scheduled for April 26, 2000, until it has filed its Form 10-K for fiscal 1999.
This press release contains forward-looking statements about the Company's revenue recognition and financial results for all quarters of fiscal year 1999, the investigation that is being conducted and the Company's plan to finalize and file its Form 10-K for fiscal 1999. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially. The Company and its auditors may determine that further accounting adjustments should be made for the transactions currently being evaluated. The Company and its auditors may review additional transactions and determine that further accounting adjustments should be made. The Company and its auditors may review transactions that occurred during the first quarter of fiscal 2000 or otherwise make accounting adjustments that could cause first quarter 2000 revenue to differ materially from the estimated range that the Company disclosed on April 3, 2000.
About Legato Systems
Legato Systems, Inc. (Nasdaq: LGTO), is a worldwide leader in the enterprise storage management software market. Helping companies leverage business-critical, corporate data assets, Legato's products and services enable information continuance, a seamless approach to the movement, management and protection of data throughout an enterprise. Founded in 1989, Legato's storage management software products have become the recognized industry standard with the largest installed base representing over 65,000 customers. Legato's products are available through a network of Legato-licensed resellers, integrators and OEM partners. Legato's corporate headquarters is located at 2350 El Camino Real, Mountain View, CA 94040. Telephone: 650/210-7000.
Note to Editors: Legato Systems, Inc. and Legato logo are registered trademarks of Legato Systems, Inc. in the U.S. and/or other countries. All other product, trademark, company, or service names mentioned herein are the property of their respective owners.
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Contact:
Legato Systems
Stephen C. Wise, 650/210-7102 |
