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September 25, 1997updated 03 Sep 2016 7:00pm

SEC INVESTIGATES INFORMIX, PAPER SAYS

By CBR Staff Writer

The Securities and Exchange Commission has launched an investigation into the financial mess otherwise known as Informix Corp, according to a report in the San Francisco Chronicle. Earlier this week, Informix said that its ongoing financial audit revealed that it would be necessary to restate $200m in revenues from 1995 and $50m from 1996, up from an initial estimate of $70m to $100m for 1996 alone (CI No 3,252). For a company the size of Informix – it only posted $98m in net income for 1996 – overstating revenue by $200m has many doubting that all is as it should be in Menlo Park. To compound its problems, the Nasdaq National Market has suspended the company’s shares, pending a hearing to determine whether Informix meets the market’s financial requirements for continued listing. Informix refused to comment on the alleged SEC probe.

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