Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Monday, July 2, 2007

SEC Files Accounting Charges Against Former Veritas Software officers

The SEC today filed civil fraud charges against  five former officers of Veritas Software Corporation. The  SEC's  complaint alleges that the defendants artificially inflated and/or intentionally manipulated and distorted  Veritas'  reported  financial  results  and misled Veritas' independent auditors. The complaint alleges that, as a result  of  this  misconduct,  Veritas  filed  false  and   misleading financial statements from 2000 through 2002.  The individuals charged in  the  complaint  include  Mark  Leslie, former chairman and chief executive officer, and Kenneth E. Lonchar, former chief financial officer.  The allegations involve an alleged fraudulent  scheme to artificially inflate Veritas publicly reported revenues and earnings  through  an improper round-trip transaction with America Online, Inc.

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