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IBM on Monday said it received notice of a formal, non-public
investigation by the U.S. Securities and Exchange Commission (SEC) into its
revenue recognition practices for 2000 and 2001.
The Armonk, NY-based computer giant said the SEC is seeking information
primarily concerning certain types of customer transactions but declined to
specify the details. In its statement, IBM said it believes the
investigation arises from a separate investigation by the SEC of a customer
of IBM’s Retail Store Solutions unit. The unit markets and sells
point-of-sale products.
The SEC specifically advised IBM that this is a fact-finding
investigation and that it has not reached any conclusions related to this
matter. IBM said it has been cooperating fully with the SEC and will continue to do
so.
IBM believes that its business and accounting policies comply with all
applicable regulations and is committed to maintaining the highest standards
of compliance relating to its financial reporting.
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