Volt Information Sciences Reports Settlement of SEC Investigation
10 Gennaio 2013 - 11:08PM
Business Wire
Volt Information Sciences, Inc. (OTC: VISI) today announced that
it has reached an agreement with the U.S. Securities and Exchange
Commission (SEC) to settle issues regarding the SEC’s investigation
of certain accounting matters, primarily software revenue
recognition in the company’s computer systems segment. Without
admitting or denying the allegations, the company has consented to
a judgment requiring compliance with federal securities laws. Under
the terms of the agreement, which is subject to court approval,
Volt is not required to pay any monetary penalty.
Volt announced the SEC investigation on November 8, 2010. The
company has concurrently performed an internal review of its
accounting for revenue and related costs as well as other areas,
and is in the process of preparing restated financial statements.
The company is pleased to reach resolution of the investigation and
believes that this civil settlement is in the best interest of the
company.
"We are committed to adhering to the highest standards of
accounting and corporate governance. We have cooperated with the
SEC throughout this investigation and we have made a significant
investment in reviewing and improving our accounting processes and
internal controls,” said Ron Kochman, Volt’s CEO. “We are pleased
to resolve this matter and move forward with completing our
financial restatement and continuing to deliver outstanding
services and products to our customers.”
Volt Information Sciences, Inc. is a leading provider of global
infrastructure solutions in technology, information services and
staffing acquisition for its FORTUNE 1000 customer base. Operating
through an international network of servicing locations, the
Staffing Services Segment fulfills IT, engineering, administrative,
and industrial workforce requirements of its customers, for
professional search and temporary/contingent personnel as well as
managed services programs. Technology infrastructure services
include telecommunications engineering, construction, and
installation; and IT managed services and maintenance.
Information-based services are primarily directory assistance,
operator services, database management, and directory printing.
Visit www.volt.com.
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