CSC to Pay $190 Million to Settle SEC Accounting Probe
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Computer Sciences Corp. reached a proposed settlement with the U.S. Securities and Exchange Commission over an accounting probe, agreeing to pay a penalty of $190 million and adjust its financial statements for three fiscal years.
CSC, as the company is known, said the “understanding” reached with SEC staff will result in a pretax charge of about $200 million this quarter, which ends Dec. 31. The company said it won’t admit or deny the allegations, and the SEC will file an administrative enforcement action alleging violations of securities laws provisions including anti-fraud and reporting.