The Securities and Exchange Commission said it has settled with six former executives and employees of Riverstone Networks who had been accused of inflating revenues at the communications router maker after they agreed to pay penalties and fines.
Judge Charles R. Breyer of the U.S. District Court of Northern California entered the injunctions and other relief against the six. The SEC alleged that from June 2001 through June 2002, they participated in a scheme to inflate Riverstone's publicly reported net revenues through improper revenue recognition on contingent sales, falsely reporting $19.1 million in revenues. The defendants neither admitted nor denied the allegations of the SEC complaint.
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