Peregrine Systems is to restate 11 straight quarters of financial results after an internal accounting investigation found errors possibly totalling $100 million. The company will adjust its books for fiscal years 2000 and 2001 and the first three quarters of fiscal year 2002.
The irregularities were found by KPMG, which Peregrine hired to replace its disgraced auditors Arthur Andersen after the Enron scandal in April. The Securities and Exchange Commission is also mounting its own investigation, which Peregrine said it "intends to fully cooperate with."
In a statement the company said it is: "reviewing a range of expense management initiatives, including a reduction in force and financing alternatives, and will provide additional information on these matters as soon as it is practical."