Informix OKs SEC Order

The Securities and Exchange Commission settled an enforcement action against Informix Corp. this week but is continuing its investigation of individual officers at the company between 1994 and 1997, a lawyer for the SEC said.

"Financial fraud investigations are our top priority, and even though much of the activity took place overseas, we have the ability to conduct investigations overseas," said Thomas C. Newkirk, associate director of the SEC's division of enforcement.

The Menlo Park, California, database developer had been charged with inflating revenue by US$295 million and earnings by $244 million from 1994 to the first quarter of 1997.

The SEC said former Informix employees had violated various securities law provisions. The commission also said Informix made false and misleading filings during the three-year period covered by the order.

"The investigation is continuing with respect to the possible misconduct of other individuals and firms," Newkirk said. Informix consented to the order without admitting or denying the SEC's findings.

Informix officials couldn't be reached for comment.

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