E-procurement software firm Ariba has adjusted all but one of its financial statements as far back as 1999.
The move follows a review of its accounting which it began in January.
Accounting errors, questionable executive perks and dubious partner deals were cited as the cause of the restatements, which have increased Ariba's deficit at 31 December 2002 by $3.8m to $4.24bn.
Ariba said that it expects to meet requirements to stay listed on Nasdaq upon filing forms for the quarters ended 31 March and 30 June 2002.
Several issues were behind the adjustments. These included a payment made by Ariba chairman Keith Krach to ex-president and chief executive Larry Mueller, which is now considered capital contribution rather than personal.
Other factors concerned expense adjustments on payroll taxes, royalties, litigation, bonuses, benefits and income taxes.
There were also adjustments on three software licensing deals, which Ariba now says came about "at or about the same time as the company incurred obligations to purchase goods or services from those vendors".
A statement from Ariba revealed an increase in net loss of $9.8m in fiscal 2000, and $14.1m in fiscal 2001. In the first quarter of fiscal 2003 net loss increased by $2m. But in fiscal 2002 net loss decreased by $22.1m.
The company noted "none of these adjustments has any impact on the company's cash balances for any period".
Ariba is also the subject of a Securities and Exchange Commission probe into the restatements, but the firm provided no update on that investigation.
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