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IBM said Thursday that theSecurities and Exchange Commission (SEC) is launching a formal investigation into the way IBM disclosed last year's first-quarter earnings and into changes in the way that it would expense for stock options. The SEC had already begun an informal probe of the matter last June, IBM said.
Brocade files late, again
Brocade said it would delay filing its annual report with the SEC as its independent auditors complete their review of the company's financial statements for fiscal 2005. Accounting firm KPMG LLP is also auditing the effectiveness of Brocade's internal controls over its financial reporting as of Oct. 29, 2005. Brocade said it expects to file the 10-K within its 15-day extension, which expires Jan. 27, 2006, saying it has not identified any material weakness in its internal controls, and does not expect to make any adjustments to financial results for the fourth-quarter and full year, which ended Oct. 29, 2005.
In the past, Brocade has been under investigation by the SEC and the U.S. Department of Justice for the way it accounted for stock options from 2001 to 2004. The company was forced to restate earnings from 2001-2004 and on Sept. 21, 2005, requested a second extension from Nasdaq, until Nov. 15, 2005, to file its Form 10-K/A for fiscal 2004 and its quarterly reports for the second and third quarters of fiscal 2005.
People's Bank reports breach
A tape containing the Social Security numbers and other confidential data of 90,000 People's Bank customers was lost recently while en route to a credit reporting bureau. The bank, based in Bridgeport, Conn., is sending letters to the affected customers. The tape contains information, such as names, addresses, Social Security numbers and checking account numbers. It was being sent to the TransUnion LLC credit reporting bureau, based in Woodlyn, Pa., via United Parcel Service of America Inc. when it was lost. People's Bank joins institutions like Citigroup Inc., Time Warner Inc. and Ameritrade Holding Corp., which have lost personal data that was not encrypted.
Florida College taps IBM
IBM announced that Palm Beach Community College in Florida has selected IBM systems and Linux to consolidate multiple tiers of its computing operations. The college has bought an eServer zSeries 890, IBM's midrange mainframe, virtualized to run five SUSE Linux partitions that consolidate financial, human resources and facilities- management applications for the college's 2,000 employees, as well as its student registration and tuition system. The mainframe is connected to 10 terabytes of storage housed on one IBM TotalStorage DS6800 Enterprise Storage Server system running the IBM TotalStorage SAN Volume Controller virtualization.
Asigra announces Icelandic customer
Asigra announced that SecurStore, an Icelandic storage services provider, is providing Jardboranir HF (Iceland Drilling Co. Ltd.), a drilling company, with Asigra's backup and recovery software, Televaulting. Iceland Drilling Co. uses SecurStore IP Backup, SecurStore's managed backup and recovery service, which deploys Asigra's Televaulting software across its three main rigs located in the Azores and Iceland, and also the headquarters in Reykjavik, Iceland.