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Technology Stocks : Sony Playstation
SNE 25.82+0.5%Dec 26 4:00 PM EST
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To: Jean-Pierre Abe who wrote ()9/17/1998 10:44:00 AM
From: NewsTrader   of 21
 
(NewsTraders) -- Sony Corp. (SNE) disclosed in its annual Form 20-F filing that it consented to pay a civil penalty of $1 million in August as the result of a civil action brought against the company by the U.S. Securities and Exchange Commission. Sony said it consented to the penalty without admitting or denying the allegations in the action.

In a parallel civil action, Sony said the SEC issued a settled cease-and-desist order which found that Sony had violated certain periodic reporting requirements of the federal securities laws. Such inadequate disclosure concerned net losses by the company's Sony Pictures unit in 1994, and the impact of those losses on Sony Corp.'s consolidated results for the year.

This order also found that a former director, who Sony says was the general manager of its Capital Markets & Investor Relations Division at the time, was a cause of Sony's violations.

The second order, to which Sony and the former director consented to without admitting or denying, requires (i) an independent auditor to examine and issue a written opinion on Sony's MD&A presentation for the fiscal year ending March 31, 1999; (ii) Sony's chief financial officer to ensure that the company's public financial disclosures comply with applicable requirements; and (iii) compliance with applicable segment reporting requirements.
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