In a statement, the Redwood City, California-based company acknowledged it had misled investors by upping its 2001 sales numbers.
The Securities and Exchange Commission began investigating BroadVision following its third quarter 2001 results when the company reported a $429.8 million loss and revenue of $51.2 million. The company later discovered that one large software deal signed in the quarter should have been spread over four years.
BroadVision, which develops personalized self-service web applications, blamed an executive that left the company in 2002 for cooking its books improperly. The company says it corrected the mistake seven and half months later, restating its loss for the quarter by $3.5 to $433.3 million.
The SEC says it will not fine BroadVision for improper accounting.
BroadVision’s chairman Pehong Chen was relieved to reach what he called a fair and timely settlement.
