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Computer Sciences to Pay $190 Million in Accounting Probe; Makes Compliance Enhancements

Jaclyn Jaeger | December 30, 2014

Computer Sciences Corp. (CSC) disclosed in a securities filing yesterday that it has reached a $190 million proposed settlement with the Securities and Exchange Commission and will restate three years of financial results to resolve accounting issues dating back four years ago.

The SEC charged the IT services company with violating the anti-fraud, reporting, and books-and-records provisions of U.S. securities laws. CSC neither admitted nor denied the allegations but did agree to cease-and-desist from committing or causing any future violations or securities laws, the company stated in a Form 8-K, dated Dec. 29.

In 2011, the SEC’s Division of Enforcement launched a formal investigation into CSC concerning accounting irregularities at its businesses in the Nordic region. The audit committee...

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