Tuesday, December 2, 2008

Quest Software Settles With SEC

Aliso Viejo-based Quest Software, a developer of system management software, said today that it has reached an agreement with the Securities and Exchange Commission into the firm's stock option practices. According to Quest, it has agreed to settle with the SEC, without admitting or denying the allegations in the SEC's compliant. Quest said that it will consent to the entry of a judgment enjoining future violations of certain provisions of the federal securities laws. The deal also includes the firm's Executive Chairman, Vincent C. Smith. The said the agreement will completely resolve the SEC investigation into the company, and that it will not be charged with fraud or be required to pay any monetary penalties. Quest has been under investigation by the SEC since January of 2007 over its stock options accounting practices.