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Legato Draws SEC Scrutiny for Accounting WASHINGTON, D.C., Aug. 22, 2000 (SmartPros) Legato Systems, a developer of storage management software that was sued by shareholders for allegedly not adhering to appropriate accounting guidelines, is now reportedly the subject of a formal investigation. The Securities and Exchange Commission has opened an investigation into Legato's restatement of its results for the first, second, and third quarters of 1999, according to Reuters. In addition, the SEC is said to be examining Legato's financial revisions for the fourth quarter and full fiscal year for 1999. The Mountain View, Calif.-based company was accused by investors earlier this year of making false or misleading statements about its prospects and failing to adhere to general accounting princples, Reuters said. -- SmartPros News Staff Send comments to information@smartpros.com
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