IBM Reports SEC Investigation
Monday June 2, 4:31 pm ET
ARMONK, N.Y.--(BUSINESS WIRE)--June 2, 2003--IBM today announced that it has received notice of a formal, nonpublic investigation by the Securities and Exchange Commission (SEC).
The SEC is seeking information relating to revenue recognition in 2000 and 2001 primarily concerning certain types of customer transactions. IBM believes that the investigation arises from a separate investigation by the SEC of a customer of IBM's Retail Store Solutions unit. This 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 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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