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A leading contractor on the ill-fated multibillion-pound programme to overhaul NHS computer systems over the last ten years has agreed to pay US regulators a $190m (£120m) penalty to settle allegations it broke stockmarket reporting laws by overstating past profits from UK health service contracts.
Computer Sciences Corporation, which is listed on the New York stock exchange, confirmed in a statement to investors there had been accounting errors from 2009 to 2012 relating to assumptions made about progress on its long-term NHS contracts. Revised annual reports are expected to be filed shortly.
The settlement with the US Securities & Exchange Commission’s enforcement division comes a year after CSC said it would pay $97.5m to settle a shareholder class-action claim alleging the company and former executives had “fraudulently concealed” from investors the dire performance of the firm’s work for the NHS.
http://www.theguardian.com/society/...ciences-corporation-penalty-accounting-errors
Computer Sciences Corporation, which is listed on the New York stock exchange, confirmed in a statement to investors there had been accounting errors from 2009 to 2012 relating to assumptions made about progress on its long-term NHS contracts. Revised annual reports are expected to be filed shortly.
The settlement with the US Securities & Exchange Commission’s enforcement division comes a year after CSC said it would pay $97.5m to settle a shareholder class-action claim alleging the company and former executives had “fraudulently concealed” from investors the dire performance of the firm’s work for the NHS.
http://www.theguardian.com/society/...ciences-corporation-penalty-accounting-errors