San Diego (Feb. 27, 2003) -- Bankrupt software manufacturer Peregrine Systems Inc. said its chairman John J. Moores, and three other board members would resign under an agreement reached as part of the company's Chapter 11 reorganization.

Peregrine is under currently under criminal investigation by the Department of Justice and also under a probe by the Securities and Exchange Commission. An internal investigation revealed the company had inflated its revenue by as much as $250 million from April 1999 to the end of 2001 by improperly booking the sale of accounts receivables as revenue.

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