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Network Associates restates financial reports

Network Associates has announced that as a result of an internal review of its bookkeeping practices, it would restate its...

Network Associates has announced that as a result of an internal review of its bookkeeping practices, it would restate its financial reports for 1998, 1999 and 2000.

The company also said it would restate its balance sheets for 2001 and the first quarter of 2002, though the operating results from those periods will not be affected.

The investigation came after Network Associates (NAI) discovered accounting irregularities for 1998, 1999 and 2000 during the course of an internal tax audit announced in April. As a result of that discovery, the company dropped its bid to buy out its subsidiary company, McAfee.com.

NAI is also under investigation by the US Securities and Exchange Committee (SEC) for its accounting practices related to fiscal year 2000, though the two matters have been called "unrelated" by NAI chief executive officer George Samenuk.

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