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Not So Secure

Market Savvy | CONSUMER SAVVY / A briefing for investors

August 25, 1998|Reuters

Internet-security specialist CyberGuard Corp. said its accounts were unreliable and that it was suspending its chief executive and chief financial officer.

The boardroom turmoil, along with news that CyberGuard's auditors had quit, sapped the Fort Lauderdale, Fla.-based software maker's shares of more than two-thirds of their value and drew inquiries from U.S. regulators.

CyberGuard's stock fell $4.31 to close at $1.88 on Nasdaq after touching a 52-week low of $1.50.

The company, a maker of "firewall" software meant to shelter big computer systems from outsiders, also said CyberGuard's four independent directors had taken management control and would restate results for its fiscal third quarter ended March 31.

CyberGuard previously reported a loss of $1.6 million, or 19 cents a share, for its third quarter. Shelly James, newly named acting chairman, said in an interview that CyberGuard expects to restate its results by as much as $2.5 million.

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