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Technology Stocks : Critical Path (CPTH) -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (179)	2/25/2002 11:26:49 PM
From: Glenn Petersen	Respond to of 185

Thatcher pleads guilty to securities fraud: Critical Path says no one involved in restatement at co. SAN FRANCISCO, Feb 14 (Reuters) - Critical Path Inc. <CPTH.O>, a high flier during the Internet bubble, on Thursday said that no one involved in the activities that led to a restatement of results is still with the company. The announcement comes just two days after the former president of Critical Path, David Thatcher, pleaded guilty to securities fraud and said that he had helped book nonexistent revenue on the company's income statements. Critical path, Thatcher and former vice president of sales Timothy Ganley, each settled allegations of fraudulent accounting with the Securities and Exchange Commission, SEC, in the beginning of the month without admitting or denying any allegation of wrongdoing.. Critical Path had to restate results for the third and fourth quarters of 2000 as a result of the settlement with the SEC. The company's improper accounting practices were exposed in January when the company reduced 2000 revenues by some $19.3 million, joining a growing list of companies with accounting scandals resulting from questionable ways companies record results. 07:38 02-14-02