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Chris G. Williams Beware: I mix tech and personal interests here.

McAfee about to become McToast??

"RedHerring.com reports that Security Vendor McAfee has agreed to pay a fine of fifty million dollars stemming from false SEC filing. McAfee cooked its books, overstating its revenues one year by 131%, or half a billion dollars. The method employed was 'channel stuffing' in which compliant re-sellers are effectively paid to buy and hold inventory they may never sell. The shipped goods are booked as revenue and the payments disguised in the books. When it caught up with them, McAfee's stock price crashed, wiping out a billion dollars of shareholder capitalization. The story quotes an analyst saying this maybe the swan song for the once dominant vendor."

http://it.slashdot.org/article.pl?sid=06/01/05/1336249&from=rss

 

Posted on Thursday, January 5, 2006 10:25 AM General Interest | Back to top


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