IT services vendor CSC will not face any action over its stock option grant practices following an investigation by the US Securities and Exchange Commission.
The outcome backs up the results of an internal investigation conducted by CSC between July 2006 and March of this year that found no intentional wrongdoing by current or former employees or directors.
CSC does have other financial issues to address, however. The company has yet to release financial results for its two most recent fiscal quarters after discovering accounting errors in its filings for fiscal 1997 through to fiscal 2007. CSC said these errors relate to its accounting for income taxes and the effect of foreign currency exchange rate movements.