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By ROBERT E. KESSLER and ROBERT E. KESSLER,NEWSDAY | April 25, 2006
Sanjay Kumar, who went from living in a mud-floored home in Sri Lanka to being chairman and chief executive officer of Computer Associates International Inc., pleaded guilty yesterday to orchestrating a sweeping fraud to keep the company's stock afloat and lying about his actions to federal investigators. Pleading guilty with Kumar in U.S. District Court in Brooklyn was Stephen Richards, a New Zealand native with a fondness for racing sports cars, who was executive vice president for worldwide sales for the Long Island company.
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BUSINESS
By Gus G. Sentementes, The Baltimore Sun | April 15, 2010
The Maryland Computer Services Association, a group formed three years ago to fight the threat of taxes on computer services in the state, said it is merging with the main technology trade group in Maryland. Tom Loveland, a co-founder of the MCSA, said in an e-mail to members Wednesday that the merger with the Tech Council of Maryland was "a very good thing." The MCSA was a virtual organization while TCM has a full professional staff with connections in Annapolis, according to Loveland.
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BUSINESS
By BLOOMBERG NEWS | February 15, 2000
ISLANDIA, N.Y. -- Business software provider Computer Associates International Inc. said yesterday it agreed to acquire Sterling Software Inc. in a $4 billion stock transaction to create one of the largest suppliers of storage management software. Computer Associates will exchange 0.5634 share for each Sterling share, or $39.05 a share, 7.7 percent above yesterday's close. The exchange ratio is subject to a collar, which would change the ratio if Computer Associates' average trading price during a designated period rose above $77.12 or below $63.10 per share.
BUSINESS
By Robert E. Kessler and Robert E. Kessler,Newsday | April 14, 2007
$1,023,600,000. That's the amount of money that the stockholders of Computer Associates lost as a result of the accounting fraud by former Chief Executive Officer Sanjay Kumar. Both Kumar, 44, and federal prosecutors agree on the number, which was computed by government economic consultants, according to court papers. They also agree that Kumar is responsible for repaying shareholders as a result of a plea deal. Yesterday, in U.S. District Court in Brooklyn, N.Y., Judge I. Leo Glasser signed off on the pact in which Kumar will be required to pay $798 million in restitution.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | October 8, 1996
NEW YORK -- Computer Associates International Inc., one of the world's largest software companies, continued its buying spree yesterday with a $1.2 billion cash bid for Cheyenne Software Inc., a maker of mass storage software for business computers.Computer Associates, a $3.5 billion company based in Islandia, N.Y., offered $30.50 for each of Cheyenne's 38.9 million shares. The deal is subject to both shareholder and regulatory approval, although both companies' boards have already approved the merger, and investors appeared happy as well.
NEWS
By Mark Harrington and James Toedtman and Mark Harrington and James Toedtman,NEWSDAY | September 23, 2004
NEW YORK - Federal prosecutors charged former Computer Associates Chairman and Chief Executive Sanjay Kumar and a former sales executive yesterday with 10 counts each of securities fraud and obstruction of justice, as the company reached a multimillion-dollar agreement aimed at dismissal of corporate criminal charges. In a dizzying day of developments in the two-year-old case, a grand jury handed up indictments of Kumar and his one-time top lieutenant, former Executive Vice President Stephen Richards, saying they masterminded a scheme to prematurely book sales at the Long Island software company to the tune of $2.2 billion.
BUSINESS
By Pradnya Joshi and Pradnya Joshi,NEWSDAY | September 24, 2004
Former executives at Computer Associates International Inc., including former chief executive Sanjay Kumar, could have to pay back hundreds of millions of dollars in pay, bonuses and stock gains under the lawsuits that the government filed yesterday. The Justice Department and the Securities and Exchange Commission will still have to prove that corporate executives were directly responsible for the accounting fraud and misstatements in revenues. But armed with new laws and cooperation from the new management at CA, some experts think that prosecutors will have strong ammunition in getting damages from former executives.
BUSINESS
By BLOOMBERG NEWS | February 12, 1998
ISLANDIA, N.Y. -- Computer Associates International Inc. yesterday offered to buy Computer Sciences Corp. for $9 billion, stepping up pressure on the services company by disclosing the bid after months of talks broke down.Computer Associates' $108-a-share cash offer boosted Computer Sciences shares $11.69 per share to $103.87 1/2 . Computer Associates stock fell $7.31 per share to $50.75 amid concern the purchase will cut into earnings growth.Computer Associates is betting the marriage of its software and CSC's expertise will steal business from International Business Machines Corp.
BUSINESS
May 16, 2004
A weekly briefing on the economic calendar Monday Earnings reports Limited, Lowe's, Toys 'R' Us Tuesday * Housing starts and building permits for April Earnings reports AMC Entertainment, Barnes & Noble, Deere & Co., Home Depot, J.C. Penney, Saks, Staples, Applied Materials, Borders Group, Hewlett-Packard Wednesday Earnings reports Intuit, Longs Drug Stores, Computer Associates Thursday * Leading indicators for April * Initial unemployment claims...
BUSINESS
July 29, 1995
USAir calls off deal with unionsUSAir Group Inc. said yesterday that it has called off a proposed deal for wage concessions with its three major unions a week after reporting sharply higher earnings.The airline took its offer off the table after the flight attendants' union this month rejected the tentative deal negotiated with pilots and machinists.USAir instead will pursue savings of $500 million a year through collective bargaining with each union separately, spokesman Rick Weintraub said.
BUSINESS
By ROBERT E. KESSLER and ROBERT E. KESSLER,NEWSDAY | April 25, 2006
Sanjay Kumar, who went from living in a mud-floored home in Sri Lanka to being chairman and chief executive officer of Computer Associates International Inc., pleaded guilty yesterday to orchestrating a sweeping fraud to keep the company's stock afloat and lying about his actions to federal investigators. Pleading guilty with Kumar in U.S. District Court in Brooklyn was Stephen Richards, a New Zealand native with a fondness for racing sports cars, who was executive vice president for worldwide sales for the Long Island company.
BUSINESS
By Pradnya Joshi and Pradnya Joshi,NEWSDAY | September 24, 2004
Former executives at Computer Associates International Inc., including former chief executive Sanjay Kumar, could have to pay back hundreds of millions of dollars in pay, bonuses and stock gains under the lawsuits that the government filed yesterday. The Justice Department and the Securities and Exchange Commission will still have to prove that corporate executives were directly responsible for the accounting fraud and misstatements in revenues. But armed with new laws and cooperation from the new management at CA, some experts think that prosecutors will have strong ammunition in getting damages from former executives.
NEWS
By Mark Harrington and James Toedtman and Mark Harrington and James Toedtman,NEWSDAY | September 23, 2004
NEW YORK - Federal prosecutors charged former Computer Associates Chairman and Chief Executive Sanjay Kumar and a former sales executive yesterday with 10 counts each of securities fraud and obstruction of justice, as the company reached a multimillion-dollar agreement aimed at dismissal of corporate criminal charges. In a dizzying day of developments in the two-year-old case, a grand jury handed up indictments of Kumar and his one-time top lieutenant, former Executive Vice President Stephen Richards, saying they masterminded a scheme to prematurely book sales at the Long Island software company to the tune of $2.2 billion.
BUSINESS
September 22, 2004
In the Region Adelphia to sell holdings at auction in 7 regional groups Adelphia Communications Corp.'s cable systems in Maryland will be sold at auction along with the bankrupt company's other holdings, which it said yesterday have been divided into seven regional groups. Dividing the company's cable systems into seven clusters may maximize bids by potential buyers, Adelphia Chief Executive Bill Schleyer said. He had said in April that the company would sell its assets to raise money to repay creditors who are owed more than $18 billion.
BUSINESS
May 16, 2004
A weekly briefing on the economic calendar Monday Earnings reports Limited, Lowe's, Toys 'R' Us Tuesday * Housing starts and building permits for April Earnings reports AMC Entertainment, Barnes & Noble, Deere & Co., Home Depot, J.C. Penney, Saks, Staples, Applied Materials, Borders Group, Hewlett-Packard Wednesday Earnings reports Intuit, Longs Drug Stores, Computer Associates Thursday * Leading indicators for April * Initial unemployment claims...
BUSINESS
By BLOOMBERG NEWS | February 15, 2000
ISLANDIA, N.Y. -- Business software provider Computer Associates International Inc. said yesterday it agreed to acquire Sterling Software Inc. in a $4 billion stock transaction to create one of the largest suppliers of storage management software. Computer Associates will exchange 0.5634 share for each Sterling share, or $39.05 a share, 7.7 percent above yesterday's close. The exchange ratio is subject to a collar, which would change the ratio if Computer Associates' average trading price during a designated period rose above $77.12 or below $63.10 per share.
BUSINESS
By BLOOMBERG NEWS | March 6, 1998
NEW YORK -- U.S. stocks suffered their worst drop in eight weeks on concern that corporate profits will shrink, after Intel Corp. said its first-quarter earnings will fall short of expectations.Investors said the warning from the world's largest maker of computer chips is a bad sign for U.S. corporate earnings, especially coming weeks before the end of the quarter.The Dow Jones industrial average fell 94.91 to 8,444.33, led by Hewlett-Packard Co. and International Business Machines Corp. The Dow average had fallen 45.59 Wednesday after analysts cut earnings estimates for Walt Disney Co.The Standard & Poor's 500 index fell 12.29 to 1,035.
BUSINESS
By Robert E. Kessler and Robert E. Kessler,Newsday | April 14, 2007
$1,023,600,000. That's the amount of money that the stockholders of Computer Associates lost as a result of the accounting fraud by former Chief Executive Officer Sanjay Kumar. Both Kumar, 44, and federal prosecutors agree on the number, which was computed by government economic consultants, according to court papers. They also agree that Kumar is responsible for repaying shareholders as a result of a plea deal. Yesterday, in U.S. District Court in Brooklyn, N.Y., Judge I. Leo Glasser signed off on the pact in which Kumar will be required to pay $798 million in restitution.
BUSINESS
By BLOOMBERG NEWS | July 23, 1998
NEW YORK -- U.S. stocks retreated for a third day yesterday, as Computer Associates International Inc. and Hewlett-Packard Co. warned that Asia's slump will slow earnings growth.Federal Reserve Chairman Alan Greenspan added to the gloom, suggesting the Fed will raise borrowing costs if the U.S. economy doesn't slow.The Dow Jones industrial average fell 61.28 to 9,128.91, bringing its decline this week to 2.2 percent. The Standard & Poor's 500 index fell 0.99 to 1,164.08, down 1.9 percent at midweek.
BUSINESS
By BLOOMBERG NEWS | March 6, 1998
NEW YORK -- U.S. stocks suffered their worst drop in eight weeks on concern that corporate profits will shrink, after Intel Corp. said its first-quarter earnings will fall short of expectations.Investors said the warning from the world's largest maker of computer chips is a bad sign for U.S. corporate earnings, especially coming weeks before the end of the quarter.The Dow Jones industrial average fell 94.91 to 8,444.33, led by Hewlett-Packard Co. and International Business Machines Corp. The Dow average had fallen 45.59 Wednesday after analysts cut earnings estimates for Walt Disney Co.The Standard & Poor's 500 index fell 12.29 to 1,035.
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