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Technology Stocks : Alphabet Inc. (Google) -- Ignore unavailable to you. Want to Upgrade?

To: GVTucker who wrote (244)	7/26/2004 4:34:35 PM
From: Glenn Petersen	Read Replies (2) \| Respond to of 15851

Google Lawyer Gets SEC Injunction Notice story.news.yahoo.com LOS ANGELES (Reuters) - The general counsel of Google Inc. has been notified that the staff of the U.S. Securities and Exchange Commission (news - web sites) will recommend a civil injunction against him for purported violations of securities laws, the company said on Monday. In an amendment to its initial public offering documents filed with the SEC, Google said David Drummond received the notice on July 20. It relates to his tenure from July 1999 to February 2002 as a senior executive of corporate training company SmartForce, which merged with SkillSoft PLC (Nasdaq:SKIL - news) in late 2002. "The SEC's recommendation arises out of David's prior employment as Chief Financial Officer of SmartForce, and involves certain disclosure and accounting issues relating to SmartForce's financial statements. None of the allegations involve Google," Google said in the filing. Google also said Drummond will submit a response to the commission giving his reasons why the injunction should not be brought. "We have the utmost confidence in David's integrity, as well as his abilities as a Google executive. We do not expect that this matter will have any bearing on Google, Google's IPO or David Drummond's performance as Vice President, Corporate Development and General Counsel," the company said in a separate statement Monday. In November 2002 SkillSoft said it had discovered "several accounting issues" in SmartForce's past financial statements and said it would restate results. In February 2003 SkillSoft said the SEC had opened an investigation. Earlier this year SkillSoft agreed to pay more than $30 million to settle class-action lawsuits related to SmartForce's accounting problems. Google set a price range Monday of $108 to $135 per share for its initial public offering, which could give the company a market capitalization of more than $36 billion. Drummond is offering just over 50,000 shares in the IPO, which would leave him holding just under 1 million shares of Google's super-voting Class B stock.