IBM Reaches Settlement With SEC

ARMONK, N.Y.—(BUSINESS WIRE)—June 25, 2007— IBM (NYSE: IBM) today announced that it has reached an agreement with the U.S. Securities and Exchange Commission (SEC) to resolve all issues regarding two previously disclosed matters:

-- The Wells Notice the company received in January 2004 from the staff of the SEC in connection with the staff's investigation of Dollar General Corporation's 2000 financial statements; and

-- The SEC's investigation involving IBM's revenue recognition in 2000 and 2001 primarily concerning certain types of client transactions. This investigation began in June 2003 and the company believes it arose out of the Dollar General investigation referenced above.

Dollar General Corporation is a client of IBM's Retail Store Solutions unit, which markets and sells point-of-sale products.

IBM has consented, without admitting or denying any wrongdoing, to entry of an administrative order by the SEC directing that IBM cease and desist from committing or causing any violations of certain provisions of the federal securities laws and related SEC rules. An IBM employee in the company's Sales and Distribution unit also has resolved all issues with the SEC relating to the separate Wells Notice he received in connection with the staff's investigation of Dollar General Corporation.

In connection with the agreement, IBM will pay $7 million into a fund to be established in connection with the SEC's action against Dollar General. IBM will not restate any of its business results due to this settlement. The SEC's administrative order notes that the revenue recognition errors at issue were, in many cases, errors with respect to the recognition of revenue as between quarters, and in most cases, were discovered and corrected by IBM in advance of the Commission's investigation.

Contact:

IBM
John Bukovinsky, 914-499-6212
Email Contact




Review Article Be the first to review this article
Featured Video
Editorial
Jeff RoweJeff's MCAD Blogging
by Jeff Rowe
GE Additive’s Big Plans For Metal AM
Jobs
Mechanical Engineer II - Requisition ID 090445 for L3 Technologies at New York, NY
ECAD Designer - Data Connectivity for Delphi at Auburn Hills, MI
Estimator / Bidder for Rulon International at Saint Augustine, FL
Upcoming Events
33rd Annual Coordinate Metrology Society Conference at Snowbird UT - Jul 17 - 21, 2017
EMO Hannover 2017 at Hannover Germany - Sep 18 - 23, 2017
The 30th Annual Integrated Process Excellence Symposium & Training at Wyndham Grand Bonnet Creek Resort Orlando FL - Sep 18 - 20, 2017
Additive Manufacturing Conference 2017 at Knoxville Convention Center 701 Henley Street Knoxville TN - Oct 10 - 12, 2017



Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy Advertise