Veritas spent 30 million USD on virtual revenue arrangements

US software firm Veritas Software has agreed to pay $ 30 million to settle the civil scandal with US online media company AOL, which involves deliberately paying each other to create virtual revenue for myself to distract investors.

This settlement is the culmination of a case that was carried out during the heyday of the Internet boom era many years ago.

Veritas software company paid $ 30 million to settle its virtual revenue-generating business to distract investors.CNET photo.

According to the news released by the leading US newspaper, the Washington Post, the US Securities and Exchange Commission has accused Veritas and AOL of deliberately paying each other in an unspoken agreement between the two sides. through the signing of advertising contracts with different laws.

Both have used the money to pay each other to create virtual revenue for themselves to distract investors.

With Veritas, these types of paid activities have increased by 2 cents per share of the company in the fourth quarter of 2000, allowing its executives to claim that their revenue " exceeded the predictions of professionals." on Wall Street ".

It is reported that the US Securities and Exchange Commission has accepted the above settlement of Veritas. The agency also said that the compensation of 30 million USD has been discussed carefully before being announced.

Nhat Vy