SEC weighing civil injunction against RSA

[Derek Atkins]

Steve Bellovin <smb at research.att.com> writes:

> RSA, Inc., in a filing, reported that the SEC is considering 
> seeking an injunction against it and some of its officers.  The filing 
> did not say what the injunction was about.

>From the Boston Globe this morning:
<http://www.boston.com/dailyglobe2/232/business/SEC_may_sue_RSA_over_records+.shtm>

-derek

SEC may sue RSA over records

By Bloomberg News, 8/20/2002

B EDFORD - RSA Security Inc. said the Securities and Exchange
Commission may file suit following an investigation into how the
company disclosed a change in accounting and stock sales by executives
last year.

The SEC's staff told the computer-security company last month that it
may seek permission from the commission to file a lawsuit against the
company and some of its officers, RSA said in a quarterly report to
the SEC last week. The company, which denies wrongdoing, in April said
it was the subject of an SEC investigation. RSA changed its accounting
in the first quarter of 2001 to recognize revenue when products are
shipped to distributors, rather than when the goods reach
customers. The company didn't disclose the change, which boosted
first-quarter revenue by $1.74 million, until more than a month after
reporting results, when it filed a quarterly report with the SEC.

This story ran on page C3 of the Boston Globe on 8/20/2002.  ?
Copyright 2002 Globe Newspaper Company.

-- 
       Derek Atkins
       Computer and Internet Security Consultant
       derek at ihtfp.com             www.ihtfp.com

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