NOT SO SECURE
Internet-security specialist CyberGuard Corp. said Monday its accounts were unreliable and that it was suspending its chief executive and chief financial officer.
The boardroom turmoil, along with news that CyberGuard’s auditors had quit, sapped the Fort Lauderdale, Fla.-based software maker’s shares of more than two-thirds of their value and drew inquiries from U.S. regulators.
CyberGuard’s stock fell $4.31 to close at $1.88 on Nasdaq after touching a 52-week low of $1.50.
The company, a maker of “firewall” software meant to shelter big computer systems from outsiders, also said four independent directors had taken control and that third-quarter results would be restated.
CyberGuard previously reported a loss of $1.6 million on sales of $5.2 million for its third quarter. Shelly James, newly named acting chairman, said CyberGuard expects to restate sales by as much as $2.5 million.
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