LAWSUITS NEWS & LEGAL INFORMATION
SmartForce
New York, NY: (Jul-19-07) The US Securities and Exchange Commission brought charges against David Drummond, general counsel of Google, and three other former executives of California educational software company SmartForce, alleging that they overstated the company's revenue by $127 million from 1999 to 2002. Drummond, who left SmartForce in January 2002, served as the company's chief financial officer even though he was not an accountant.
In a settlement reached, SmartForce agreed to pay $2.3 million to settle allegations. SmartForce merged into New Hampshire-based SkillsSoft in September 2002. As part of the settlement, the combined company announced that it would restate three-and-a-half years of financial statements because SmartForce had been improperly recognizing revenue from multi-year contracts. Drummond also forfeited $454,000 he gained from selling the company's stock, plus $120,000 in interest and a $125,000 civil penalty. [MSNBC: REVENUE FRAUD]
Published on Jul-20-07
In a settlement reached, SmartForce agreed to pay $2.3 million to settle allegations. SmartForce merged into New Hampshire-based SkillsSoft in September 2002. As part of the settlement, the combined company announced that it would restate three-and-a-half years of financial statements because SmartForce had been improperly recognizing revenue from multi-year contracts. Drummond also forfeited $454,000 he gained from selling the company's stock, plus $120,000 in interest and a $125,000 civil penalty. [
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