Volt Information Sciences Reports Settlement of SEC Investigation
NEW YORK -- January 10, 2013
Volt Information Sciences, Inc. (OTC: VISI) today announced that it has
reached an agreement with the U.S. Securities and Exchange Commission (SEC) to
settle issues regarding the SEC’s investigation of certain accounting matters,
primarily software revenue recognition in the company’s computer systems
segment. Without admitting or denying the allegations, the company has
consented to a judgment requiring compliance with federal securities laws.
Under the terms of the agreement, which is subject to court approval, Volt is
not required to pay any monetary penalty.
Volt announced the SEC investigation on November 8, 2010. The company has
concurrently performed an internal review of its accounting for revenue and
related costs as well as other areas, and is in the process of preparing
restated financial statements. The company is pleased to reach resolution of
the investigation and believes that this civil settlement is in the best
interest of the company.
"We are committed to adhering to the highest standards of accounting and
corporate governance. We have cooperated with the SEC throughout this
investigation and we have made a significant investment in reviewing and
improving our accounting processes and internal controls,” said Ron Kochman,
Volt’s CEO. “We are pleased to resolve this matter and move forward with
completing our financial restatement and continuing to deliver outstanding
services and products to our customers.”
Volt Information Sciences, Inc. is a leading provider of global infrastructure
solutions in technology, information services and staffing acquisition for its
FORTUNE 1000 customer base. Operating through an international network of
servicing locations, the Staffing Services Segment fulfills IT, engineering,
administrative, and industrial workforce requirements of its customers, for
professional search and temporary/contingent personnel as well as managed
services programs. Technology infrastructure services include
telecommunications engineering, construction, and installation; and IT managed
services and maintenance. Information-based services are primarily directory
assistance, operator services, database management, and directory printing.
Volt Information Sciences, Inc.
James Whitney, 212-704-7921
Chief Financial Officer
Press spacebar to pause and continue. Press esc to stop.