Business Services Industry
'Desperate' Transactions by Computer Associates Come Back to Haunt Company.
Knight Ridder/Tribune Business News, April, 2004
Newsday, Melville, N.Y. Knight Ridder/Tribune Business News
Apr. 14--In the grand scheme of the year's mega-deals, Computer Associates' $15 million contract with the Linden, Utah-based Canopy Group in 2000 was small potatoes.
But court records of the deal suggest the obscure software sale may have been emblematic of looming problems for CA. In a case that CA has since settled by paying $40 million, Canopy alleged a sales environment of "desperation" at CA in which the company stretched accounting rules so it could boost reported revenue.
Against the backdrop of last week's guilty pleas by three top former finance executives at CA to obstruction and securities fraud, fiscal 2000 deals such as the Canopy transaction have come back to...
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