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Technology Stocks : Oracle Corporation (ORCL)

ORCL 248.56

+0.2%

10:04 AM EST

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From: William F. Wager, Jr.	5/8/2009 1:10:28 PM
	of 19079

Sun: Uh-Oh, Looks Like Maybe We Paid Bribes... May 8, 2009, 12:30 pm Posted by Eric Savitz As the WSJ reports, Sun Microsystems (JAVA) disclosed in a new 10-Q filing with the SEC that the company may have violated the Foreign Corrupt Practices Act, a statute intended to bar the bribery of foreign officials. The company said that in the June 2009 fiscal year, it “identified activities in a certain foreign country” that may have violated the FCPA. Sun said it made a voluntary disclosure of the situation to the Justice Department, the SEC and other government agencies, and that it is co-operating with government investigations of the matter. Sun notes that “the FCPA and related statutes and regulations provide for potential monetary penalties, criminal sanctions and in some cases debarment from doing business with the U.S. federal government in connection with FCPA violations, any of which could have a material effect on our business.” JAVA today is down 2 cents at $9.08. The company recently agreed to be acquired by Oracle for $9.50 a share.

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