Veritas Expecting $30m Hit
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Veritas, which ironically means "Trust" expects a $30m charge from US regulators, to settle an investigation by the SEC into accounting practices. Not only does the name Veritas, mean truth, the company also sells a range of software, developed to the help companies meet regulatory requirements. In particular, the company has struggled to comply with the Sarbanes-Oxley Act. Last month it delayed filing its accounts due to delays in reviewing internal controls for section 404. Accounting mistakes and controversial measures have forced the company to restate financial results for 2000, 2001, 2002 and 2003. Veritas, filed the following with the SEC yesterday, "(The company) is in discussions with the staff of the Securities and Exchange Commission regarding the Commission's review of the Company's accounting for certain transactions in 2000 with AOL Time Warner and other parties, and certain accounting matters applicable to the Company's 2001 through 2003 financial statements ." The statement continued, "Based on recent communications with the staff of the SEC, as of the date of this current report, the Company expects these discussions to result in a settlement in which the Company will be enjoined from future violations of certain provisions of the securities laws and required to pay a penalty of approximately $30 million."
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