|Company:||VERITAS Software Corp.|
|Ticker Symbol:||NASD: VRTS|
|Class Period:||January 24, 2001 and January 16, 2003|
|Court:||Northern District, NY|
(i) the Company lacked sufficient internal controls and therefore was unable to understand its true financial standing;
(ii) the Company had improperly accounted its transaction with AOL Time Warner;
(iii) the Company's improper treatment of its transactions and revenue recognition policies resulted in material overstatement of revenue and income at all relevant times.
The scheme deceived the investing public regarding VERITAS' business, operations and management and inflated the intrinsic value of the Company's shares. On January 17, 2003, the Company announced the restatement of its 2000, 2001 and 2002 financial statements as a result of its improper accounting for transactions with AOL Time Warner. The release stated in part: "(t)he transactions involved a $50 million software purchase by AOL and a $20 million advertising services purchase from AOL."
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