What happened? Shorts dont want to use their ole buddies anymore?
Seems they got a new one. Cant belive they made a press release on this.
But it is strange to see anything like this from computer reseller news. It is not product reviews or techonology news.
Maybe Amy's BF gave her some ideas on how to make money on the side.
SEC Scrutinizes Network Associates Accounting, Reports Computer Reseller News
MANHASSET, N.Y.--(BUSINESS WIRE)--Jan. 21, 1999--The accounting practices of Network
Associates Inc. (Nasdaq: NETA) related to its numerous acquisitions are being scrutinized
by the U.S. Securities & Exchange Commission, according to exclusive reporting by CMP
Media's Computer Reseller News, the most respected channel newspaper in the technology
industry.
Financial-community and industry sources told the technology newspaper that the SEC is
looking into NAI's practice of writing off expenses related to acquisitions as so-called
"in-process research & development" charges.
A Network Associates spokesman said that "hundreds of companies" had received a
similar letter from the watchdog commission and several other vendors admitted their
accounting is being scrutinized by the Commission.
NAI's roster of acquisitions -- including such vendors as Pretty Good Privacy, Trusted
Information Systems, Magic Solutions, Dr. Solomon's Software and Network General -- may
have raised some eyebrows at the SEC, sources said.
A Network Associates spokesman also denied recent rumors that the company's Chief
Financial Officer Prabhat Goyal was resigning. "He is definitely not leaving the
company," the spokesman said.
The reporting, by Senior Editor Amy Rogers, is posted on the Computer Reseller News
Web site, crn.com.
Published by CMP Media Inc., Computer Reseller News has a circulation of more than
115,000 and reaches readers with the product trends and industry news needed to sell
comprehensive technology solutions. With an editorial team of more than 70 journalists,
CRN provides the broadest, most in-depth coverage of any publication in the technology
channel.
CMP Media Inc. (Nasdaq: CMPX) is the leading high-tech media company providing
essential information and marketing services to the entire technology spectrum--the
builders, sellers and users of technology worldwide. With its portfolio of newspapers,
magazines, custom publishing, Internet products, research, consulting and conferences,
CMP is uniquely positioned to offer marketers comprehensive, integrated solutions
tailored to meet their individual needs. Online editions of the company's print
publications, along with products and services created exclusively for the Internet, can
be found on CMPnet at cmpnet.com. NSTL, the company's independent testing lab
and consulting organization, serves government, corporate and technology vendor clients
around the world.
CONTACT: Barry J. Zusman
(516) 562-7040
bzusman@cmp.com
or
Steve Rubel
(516) 562-7434
srubel@cmp.com
10:40 EST JANUARY 21, 1999 |
