PeopleSoft, has denied reports that it is under investigation by the Securities and Exchange Commission (SEC) after rumours emerged on Thursday and sent the company share price tumbling by 8 per cent.
SEC Insight, a company that collects and sells SEC related information, claimed that the SEC had partially declined a request for information on PeopleSoft because it might "compromise" an investigation.
The software company, however, said it was not aware of an SEC investigation. A spokesman said: "The SEC has not contacted us, there is no investigation of which we are aware. Our accounting practices have always been very conservative."