Storage software company Legato said it will restate its 1999 financial results following the discovery that a number of its sales staff had entered into unauthorised side agreements worth $7m.
Legato expects its $71.2m fourth quarter revenue figure, originally released on 19 January, to be reduced as a result of an independent review of its full year financial results. The company had reported a revenue increase of 47 per cent for the three months ended 31 December but expects to release new figures on 19 April.
The company also said that it estimates its revenue for the first quarter of fiscal year 2000 to be between $54m and $56m.
The storage supplier claimed it had recently learned that a small number of sales executives had entered into side agreements that involved $7m of fourth quarter 1999 revenues.
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