| To: Tim Robbins who started this subject | 3/29/2002 1:30:05 AM | | From: Ojing Eo | | | | nytimes.com
NETA tumbled 11 percent yesterday
after it disclosed that federal regulators had begun a
formal investigation into its accounting practices during 2000.
The inquiry and falling stock price caused Network
Associates to delay its $248 million offer to buy out its
former spinoff, McAfee.com. That news sent shares of
McAfee.com down 16 percent.
Ojing |
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| To: Ojing Eo who wrote (6008) | 3/26/2003 2:10:12 AM | | From: Conan | | | | Hey, you were the only poster in the past year. Amazing how dead this once high flyer is now. Watching the whole Bill Larson insanity play out over the years starting in 1996 was truly a spectacle of greed, lies, manipulation, and hyper ego. Billy boy should have been in that bunker with Saddam when the bombs landed.
Conan |
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| To: Victor Lazlo who wrote (6010) | 3/28/2003 9:46:33 AM | | From: deeno | | | | | Yea, probably booked in the Dinar as Dollars "by mistake" so they can restate earnings one more time. This managment aint any different then the Larsen group. I'm so glad I dumped this stock awhile back. Probably should remove the bookmark, but ilke looking here for old time sake. Good luck. |
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| To: Tim Robbins who started this subject | 6/16/2003 2:45:37 AM | | From: Ojing Eo | | | | [comment: like he could pay restitution from bringing the
stock drown from $66 to $11 during a bull market.]
nytimes.com
June 13, 2003
Guilty Plea in Network Associates Inquiry
By REUTERS
AN FRANCISCO, June 12 ( Reuters) — A former executive at
Network Associates, a maker of security software, pleaded
guilty to fraud charges for taking part in a scheme to
inflate revenue, federal authorities said today.
The charges against the former executive, Terry Davis, 41,
were the first to emerge from an investigation into conduct
at Network Associates after the company restated its
earnings last year for the years 1998-2000, according to the
United States attorney's office for the Northern District of
California.
A lawyer for Mr. Davis, who faces a maximum of 10 years in
prison, a fine of $250,000 and restitution for damages, said
his client was satisfied with the plea.
"As to the criminal charges, we are satisfied with the plea
and we certainly acknowledge our responsibility," the
lawyer, Tom Nolan, said.
"We are going to continue to fully cooperate with the
investigation," he added.
In pleading guilty, Mr. Davis said he and others inflated
revenue by secretly paying distributors so they would hold
excess or unsold inventory they had purchased from Network
Associates.
He also admitted making false statements to the company's
independent auditor, PricewaterhouseCoopers and earned about
$1.4 million from trading the company's stock using
nonpublic information, authorities said.
Network Associates has been the subject of investigations by
the Securities and Exchange Commission and the Department of
Justice over the way the company booked revenue from
partners. |
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