Business Services Industry
Santa Clara, Calif., Software Company to Restate 1999, 2000 Financial Results.
Knight Ridder/Tribune Business News, April, 2002
By Deborah Lohse, San Jose Mercury News, Calif. Knight Ridder/Tribune Business News
Apr. 26--Network Associates, a top maker of computer security and network management software, Thursday said it will restate its financial results for 1999 and 2000 after finding "accounting inaccuracies."
The Santa Clara company also is calling off for the second time a planned $213 million stock-for-stock exchange to acquire the 25 percent of computer security company McAfee.com that it doesn't own.
The news, which followed a late-March announcement that the Securities and Exchange Commission was investigating Network Associates' 2000 accounting, sent shares plunging 20 percent, to $18.89.
On a conference call with investors and analysts, top...
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