SEC Sues Veritas Execs Over AOL Deal

Law360, New York (July 3, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has filed civil fraud charges against five former officers of Veritas Software Corp., alleging they artificially inflated and manipulated financial results and misled independent auditors.

The lawsuit, filed Friday in the U.S. District Court for the Northern District of California and announced Monday by the SEC, maintains that the actions of the five prompted Veritas to file false and misleading financial statements from 2000 through 2002.

The allegations follow an agreement by Veritas in February to pay $30 million to...
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