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Peregrine admits accounting irregularities of $250m

Peregrine Systems, the infrastructure management software vendor, expects to reduce its reported revenue for 2000, 2001, and the first three quarters of 2002 by about $250m (£162m) after investigating accounting irregularities.

Following the resignations of its chief executive officer and chief financial officer in May, Peregrine said it might have to restate revenue for the 11-quarter period by as much as $100m.

Peregrine added that it expects to take a non-cash charge of about $100m related to stock options issued during the restatement period. The company has also struck a deal with three US banks to restructure $103m loans that it had accounted for incorrectly as sales of receivables.

Peregrine was delisted from the Nasdaq stock market at the opening of trading on Friday because the company did not file periodic reports with the US Securities and Exchange Commission (SEC).

The company is under investigation by the SEC.

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