Business Services Industry
Houston IT security, software firm flags transactions.
Knight Ridder/Tribune Business News, December, 2004
By John C. Roper, Houston Chronicle Knight Ridder/Tribune Business News
Dec. 8--An internal investigation by Bindview Corp. has found about $1 million in questionable transactions that caused a delay in the company's required financial reporting and, in turn, an alert to Nasdaq investors.
The probe, conducted by an unnamed independent auditor at Houston-based Bindview's request, revealed six unenforceable contracts written from October 2003 to June 2004, the company announced late Monday. All of the questionable contracts were for products or services destined for Latin American customers.
"The transactions were not valid," said Bindview spokeswoman Yvonne Donaldson. "We could not collect on them."
Bindview, which specializes...
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