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Sarbanes-Oxley News & Developments
Bar Code Scanner Symbol Tech CEO ResignsRichard Bravman resigned due to his involvement in problematic accounting practices.
> > Symbol said that Bravman had been involved in a 2001 transaction that involved early revenue recognition of $860,000.
Symbol has been under investigation for its accounting by the SEC since August 2002, one month after Bravman took the reigns from company founder Jerome Swartz. Symbol said it named President William Nuti, who was hired from Cisco Systems Inc. last year, to replace Bravman as Chief Executive.
Symbol, which said an internal probe had found widespread accounting irregularities, also restated earnings for 1998 to 2001 and said it had filed its 2002 annual report.
Source: Reuters
Published:2004-01-05
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