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Veritas to Restate Financial Results

January 18, 2003|From Associated Press

Veritas Software Corp. said it will restate some financial results to reflect changes in the accounting for two AOL Time Warner Inc. transactions, which the Securities and Exchange Commission is reviewing.

Regulators are reportedly looking at whether America Online engaged in concurrent deals with suppliers and partners to inflate revenue.

Mountain View, Calif.-based Veritas said it will report larger 2000 and 2001 losses, as well as lower net income for the first nine months of 2002.

The restatements also affect the fourth quarter of 2000 and involve deals signed that September.

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