PracticeConsultingSoftware giant receives SEC notice

Software giant receives SEC notice

Computer Associates, the American software giant which recently sold its Accpac subsidiary to accountancy software company Sage, is to face civil charges from the Securities and Exchange Commission over its accounting practices.

The company has received a ‘Wells Notice’ from the SEC, which represents the last chance for a company to defend itself before civil action takes place.

Last year the company faced criticism after an internal inquiry found the company was reporting revenue prematurely.

Sage announced its acquisition of Accpac just before Christmas in a £60m cash deal. Although the deal has not yet been completed the company insists that it will still go ahead.

‘Sage carried out its due-diligence on Accpac and we are confident that the deal will go through,’ a spokeswoman said. She said that the SEC notice refers to accounting issues related to big contracts, where Accpac traditionally operates in the lower-end market.

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