BISYS(R) Reaches Agreement in Principle with SEC Staff and Updates Status of 2006 Form 10-K Filing
04 11월 2006 - 6:15AM
Business Wire
The BISYS Group, Inc., (NYSE:BSG), a leading provider of
outsourcing solutions for the financial services sector, announced
today that it has made an offer that the Staff of the Securities
and Exchange Commission ("SEC") has agreed to recommend that the
SEC accept, which would, if approved, settle the previously
disclosed SEC investigation into the Company's restatements of its
financial results filed with the SEC on August 10, 2004 and April
26, 2006. The proposed settlement must be approved by the SEC and
the court in which the SEC's complaint will be filed. Under the
proposed settlement, BISYS will consent to refrain from future
violations of the reporting, books and records and internal
controls provisions of the federal securities laws and related SEC
rules. BISYS has agreed to pay $25.1 million in disgorgement and
prejudgment interest. �We have been cooperating fully with the SEC
staff throughout the course of their investigation and are pleased
to have reached this proposed settlement. As an organization, we
are committed to holding ourselves to the highest ethical
standards,� said Robert Casale, Chairman, and Interim CEO and
President of BISYS. "We believe that this settlement is in the best
interest of BISYS and its shareholders and will allow the Company
to continue to focus on growing its businesses and pursuing
opportunities to maximize shareholder value.� The Company currently
estimates that its fiscal year 2006 Form 10-K will be filed in
early December 2006. Bruce Dalziel, Chief Financial Officer of
BISYS, noted, �Management and the Board have made a concerted
effort to enhance financial controls throughout the organization.
We are still catching up on our Sarbanes-Oxley and audit efforts
for fiscal year 2006, with an emphasis on quality rather than
speed. We appreciate our investors� patience as we seek to
establish a world class control environment at BISYS.� About BISYS
The BISYS Group, Inc. (NYSE: BSG) provides outsourcing solutions
that enable investment firms and insurance companies to more
efficiently serve their customers, grow their businesses, and
respond to evolving regulatory requirements. Its Investment
Services group provides administration and distribution services
for mutual funds, hedge funds, private equity funds, retirement
plans, separately managed accounts, and other investment products.
Through its Insurance Services group, BISYS is the nation�s largest
independent wholesale distributor of life insurance and a leading
independent wholesale distributor of commercial property/casualty
insurance, long-term care, disability, and annuity products.
Additional information is available at www.bisys.com. Except for
the historical information contained herein, the matters discussed
in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's current reasonable expectations and are
subject to certain assumptions, risks, uncertainties and changes in
circumstances due to future events as well as changes in economic,
competitive, regulatory and/or technological factors affecting
BISYS� business, including, without limitation, the risk that the
proposed settlement may not be completed or approved by the Court.
More detailed information about risk factors that could cause
actual results to differ materially are noted in BISYS� periodic
filings with the Securities and Exchange Commission. These
documents can be accessed on BISYS� website at www.bisys.com under
the �Investor Relations� tab. Forward-looking statements are only
predictions, not guarantees of performance, and speak only as of
the date they are made. BISYS disclaims any obligation to update or
amend these statements in light of new information, future events
or otherwise. The BISYS Group, Inc., (NYSE:BSG), a leading provider
of outsourcing solutions for the financial services sector,
announced today that it has made an offer that the Staff of the
Securities and Exchange Commission ("SEC") has agreed to recommend
that the SEC accept, which would, if approved, settle the
previously disclosed SEC investigation into the Company's
restatements of its financial results filed with the SEC on August
10, 2004 and April 26, 2006. The proposed settlement must be
approved by the SEC and the court in which the SEC's complaint will
be filed. Under the proposed settlement, BISYS will consent to
refrain from future violations of the reporting, books and records
and internal controls provisions of the federal securities laws and
related SEC rules. BISYS has agreed to pay $25.1 million in
disgorgement and prejudgment interest. "We have been cooperating
fully with the SEC staff throughout the course of their
investigation and are pleased to have reached this proposed
settlement. As an organization, we are committed to holding
ourselves to the highest ethical standards," said Robert Casale,
Chairman, and Interim CEO and President of BISYS. "We believe that
this settlement is in the best interest of BISYS and its
shareholders and will allow the Company to continue to focus on
growing its businesses and pursuing opportunities to maximize
shareholder value." The Company currently estimates that its fiscal
year 2006 Form 10-K will be filed in early December 2006. Bruce
Dalziel, Chief Financial Officer of BISYS, noted, "Management and
the Board have made a concerted effort to enhance financial
controls throughout the organization. We are still catching up on
our Sarbanes-Oxley and audit efforts for fiscal year 2006, with an
emphasis on quality rather than speed. We appreciate our investors'
patience as we seek to establish a world class control environment
at BISYS." About BISYS The BISYS Group, Inc. (NYSE: BSG) provides
outsourcing solutions that enable investment firms and insurance
companies to more efficiently serve their customers, grow their
businesses, and respond to evolving regulatory requirements. Its
Investment Services group provides administration and distribution
services for mutual funds, hedge funds, private equity funds,
retirement plans, separately managed accounts, and other investment
products. Through its Insurance Services group, BISYS is the
nation's largest independent wholesale distributor of life
insurance and a leading independent wholesale distributor of
commercial property/casualty insurance, long-term care, disability,
and annuity products. Additional information is available at
www.bisys.com. Except for the historical information contained
herein, the matters discussed in the press release are
forward-looking statements within the meaning of the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's current
reasonable expectations and are subject to certain assumptions,
risks, uncertainties and changes in circumstances due to future
events as well as changes in economic, competitive, regulatory
and/or technological factors affecting BISYS' business, including,
without limitation, the risk that the proposed settlement may not
be completed or approved by the Court. More detailed information
about risk factors that could cause actual results to differ
materially are noted in BISYS' periodic filings with the Securities
and Exchange Commission. These documents can be accessed on BISYS'
website at www.bisys.com under the "Investor Relations" tab.
Forward-looking statements are only predictions, not guarantees of
performance, and speak only as of the date they are made. BISYS
disclaims any obligation to update or amend these statements in
light of new information, future events or otherwise.
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