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March 31, 2005

SOX compliance makes Veritas miss 10-K

Even though the company's home page leads with a large advert for its compliance services and software, Veritas Software has missed its March 31 deadline for filing its 10-K 2004 annual financial report - because of lack of compliance with Sarbanes-Oxley legislation.

By CBR Staff Writer

The new deadline for the filing of the 10K – the annual report form to the SEC – is now April 11, 2005. This slippage will not delay Veritas’ proposed merger with Symantec, which is still on track for second quarter completion, Veritas said yesterday.

The financial numbers have been completed for the 10-K, and the company says it is not expecting to have to restate any previous financial results for 2004. But Veritas told ComputerWire yesterday that its accountant KPMG is still working on a review of Veritas’ reporting controls needed to meet Sarbanes-Oxley requirements.

In its official statement announcing the delay, Veritas referred to control deficiencies related to order entry and to multiple element software sales.

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