SafeNet Settles SEC 'Non-GAAP' Suit For $1M

Law360, New York (November 12, 2009, 4:16 PM EST) -- In what the agency called a first, the U.S. Securities and Exchange Commission said Thursday that SafeNet Inc. consented to a $1 million fine in connection with charges that the Belcamp, Md.-based cyber security firm used financial measures outside generally accepted accounting principles to mislead investors.

According to a newly filed complaint in the U.S. District Court for the District of Columbia, the SEC charged SafeNet, former CEO Anthony Caputo, former Chief Financial Officer Kenneth Mueller and three former company accountants with misstating financial results and...
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