Veritas Delays 2004 Results
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Veritas Software Corp., the data storage program maker being bought by Symantec Corp., delayed for the second time its 2004 annual financial report after an audit found flaws in its accounting controls.
The report will be done by April 11, missing Thursday’s deadline, Mountain View, Calif.-based Veritas said. On March 16, Veritas delayed the results to complete the audit.
Two “significant deficiencies” in the way the company checks its accounting may cause errors in its financial statements, Veritas said. The company, whose accounting has been the target of a Securities and Exchange Commission investigation, said it didn’t expect to restate results for 2004 after having done so last year and in 2003.
The delay won’t affect Cupertino, Calif.-based Symantec’s planned $10.6-billion purchase of the company, Veritas said.
Veritas’ shares fell 82 cents to $23.22 and Symantec dropped 49 cents to $21.33, both on Nasdaq.
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