The U.S. Securities and Exchange Commission said on Monday it has charged cloud computing company VMware Inc with misleading investors by obscuring its financial performance.
3D printed clouds and figurines are seen in front of the VMware cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/IllustrationWASHINGTON, Sept 12 - The U.S.
Without admitting or denying the findings in the SEC's order, VMware consented to a cease-and-desist order and will pay an $8 million penalty, the SEC said. VMware confirmed in a statement of its own that it reached a settlement with the SEC and agreed to pay the penalty without admitting or denying the SEC’s findings.
"VMware shifted tens of millions of dollars in revenue into future quarters, building a buffer in those periods and obscuring the company’s financial performance as its business slowed relative to projections in fiscal year 2020," the SEC said. "Although VMware publicly disclosed that its backlog was 'managed based upon multiple considerations,' it did not reveal to investors that it used the backlog to manage the timing of the company’s revenue recognition," the regulator added.
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