Peregrine Agreement on Fraud Charges OKd
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Peregrine Systems Inc., a business-management software maker that recently exited bankruptcy protection, has received approval of its agreement on fraud charges with the Securities and Exchange Commission.
The U.S. District Court in Southern California agreed that Peregrine didn’t have to pay a fine, give up any gains related to the alleged fraud or admit the allegations, the SEC said in a statement on its Web site. Peregrine must retain an internal auditor and establish a corporate compliance program, according to the statement. The judgment was approved July 23, the SEC said.
Peregrine, which emerged Aug. 7 from Chapter 11, had to restate $509 million in revenue tied to inflated sales of licenses for the firm’s software. Two former executives have pleaded guilty to criminal charges over the restatement.
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