Quintus Announces Delay of Quarterly Report and Audit Committee Investigation
FREMONT, Calif.--(BUSINESS WIRE)--Nov. 15, 2000--The Board of Directors of Quintus Corporation (Nasdaq:QNTS) announced today that PricewaterhouseCoopers LLP has been engaged to investigate certain financial reporting matters, under the supervision of the Audit Committee of the Board of Directors. The following initial actions have been taken in connection with the investigation:
Quintus Corporation has delayed filing with the Securities and
Exchange Commission its Form 10-Q for the quarter ended September
30, 2000, pending completion of the investigation of revenue and
accounts receivable for that period, previously announced on
October 17, 2000, as well as for earlier periods. Among the
issues under review is Quintus' statement, on October 17, 2000,
that it had collected a receivable from an outsourcing company.
Subsequent to that announcement, it has become unclear whether
funds received by Quintus, apparently in satisfaction of that
receivable, were in fact paid by or on behalf of the outsourcing
company. Quintus is reviewing the circumstances surrounding the
transaction to determine an appropriate course of action.
Quintus' Board of Directors has placed Chairman and Chief
Executive Officer Alan Anderson on administrative leave. The
Board of Directors has designated Paul Bartlett, the company's
Chief Operating Officer, as the acting Chief Executive Officer of
the company. Mr. Bartlett and the company's Chief Financial
Officer are assisting in the Audit Committee's investigation.
Because the investigation is ongoing, the company is unable to make any comment beyond this press release at this time.
About Quintus Corporation
Quintus Corporation (Nasdaq:QNTS) provides a comprehensive electronic customer relationship management (eCRM) solution that enables companies to increase revenue potential by improving customer satisfaction and loyalty. A technology innovator, Quintus offers products that manage all customer interactions, such as customer orders, inquiries and service requests, and allow delivery of consistent customer service across multiple communications channels, including the Internet, e-mail and telephone. Quintus is based in Fremont, California with additional offices throughout North America, Europe and Asia. For more information, call 800.337.8941, e-mail sales@quintus.com or access the World Wide Web at www.quintus.com.
CONTACT:
Quintus Corporation, Fremont
Susan Salvesen, 510/624-2980 (Chief Financial Officer)
investor.relations@quintus.com
or
Fitzgerald Communications for Quintus
Mary Wallace, 415/986-9500 ext.246
KEYWORD: CALIFORNIA
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