Information technology services provider DXC Technology Company agreed to pay an $8 million penalty to settle Securities and Exchange Commission (SEC) charges it made material misstatements regarding its non-GAAP disclosures over a two-year period.
DXC, based in Virginia, violated the anti-fraud provisions of the Securities Act of 1933 and reporting provisions of federal securities law by materially increasing its non-GAAP net income through misclassifying transaction, separation, and integration-related (TSI) costs, the SEC alleged in a press release Tuesday. GAAP represents generally accepted accounting principles.
