Bisys pays $25.1m in SEC settlement
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.
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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."