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In re Informix Corp.
Securities and Exchange Commission Exchange Act Release #34-42326
No. 99-323 (2000)
- Written by Craig Conway, LLM
Facts
From 1994 to the first quarter of 1997, employees of Informix Corporation (Informix) (defendant), a public company, engaged in a series of fraudulent accounting activities that overstated company revenues. Informix reported these overstated revenues in Securities and Exchange Commission (SEC) filings without disclosing any of the fraudulent practices. When a new management team took over Informix and became aware of the fraudulent practices, the company restated its financial statements for 1994 to the first quarter of 1997 in filings with the SEC. The SEC instituted an administrative enforcement action against Informix. Informix filed an Offer of Settlement.
Rule of Law
Issue
Holding and Reasoning ()
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