San Diego-based software developer has launched an internal probe into alleged accounting inaccuracies. Peregrine has also announced the resignation of Chairman of the Board and CEO, Steve Gardner, and Matt Gless, CFO.
The company is investigating irregularities in its revenue-recognition of approximately $100.0 million, which occurred during fiscal 2001 and 2002.
These irregularities were brought to the attention of Peregrine by KPMG, who replaced Andersen as the company’s auditors on April 5, 2001.
News of the internal investigation has brought about a collapse in the company’s share price, which has fell over 65%.