VeriFone Settles SEC Case Over Inflated Income

Law360, New York (September 2, 2009, 1:15 PM EDT) -- Electronic payment services company VeriFone Holdings Inc. has settled a U.S. Securities and Exchange Commission suit over allegations that a former employee altered the company's accounting records, leading VeriFone to overstate its income by more than $37 million in 2007.

The SEC filed a settled complaint against the Silicon Valley technology company and its former supply chain controller Paul Periolat in the U.S. District Court for the Northern District of California Aug. 31.

VeriFone and Periolat both struck settlement deals, which remain subject to court approval,...
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