The Securities and Exchange Commission has announced it has closed an informal investigation into IBM shortly after it was opened. The SEC announcement that it has closed the case reassured US financial markets, which were shook by early reports of the probe. IBM became embroiled in controversy earlier this month after a Wall Street Journal article questioned some of its accounting practices. IBM refused to comment on the investigation.
In a statement an SEC spokesman said: Regarding the reports of a preliminary inquiry by the SEC into IBM, the SEC staff opened an inquiry and closed it without action shortly thereafter, in February.
The statement from the SEC was a significant departure from its usual policy of only saying it will neither confirm nor deny that it is conducting an investigation.
The IBM probe continued a series of investigations by the SEC into technology and telecoms companies. However the Government agency has denied it is paying more attention to the sector than any other.
