Bally Technologies announces settlement with Securities and Exchange Commission
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Bally Technologies, Inc. has announced that the Securities and Exchange Commission (SEC) has approved a settlement with the Company concerning the SEC's investigation of Bally's historical revenue accounting.Under the settlement, Bally consented, without admitting or denying the SEC's findings, to a cease and desist order, which requires Bally to remain in current compliance with federal securities laws and regulations relating to the Company's reporting, record keeping, and internal controls.
The SEC's investigation, which began in February 2005, related to Bally's financial statements for the Company's 2003 fiscal year, the first two quarters of fiscal 2004, and the second and third quarters of fiscal 2005. The SEC made no allegations of fraud against the Company, and no fines, civil penalties, or monetary sanctions were levied against the Company.
Richard M. Haddrill, Bally's President and Chief Executive Officer, said, "We are pleased with this resolution of the SEC investigation, which allows us to put these matters behind us as we continue to execute our strategies for the long-term success of our business."
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