- 2005
The SEC found that respondent had improperly recognized $3.75 million in revenue during the third quarter of 2001, arising out of a sale of bundled software and engineering services to a large national retail chain store. The sale was allegedly falsely described to the company’s accountants, and forged documents were subsequently provided to cover up the misrepresentations. Upon discovery and the company’s announcement that it would restate the relevant financial results, its share price declined nearly 15%.
