By Suzanna Kerridge, 12 April 2002 17:09
NEWS
Top executives at Computer Associates have hit back at allegations made by an influential shareholder that its accounting practices were not completely above board.
In a letter, signed by eight CA board members, the executives dismissed claims the company's earnings had been artificially inflated to look more favourable.
Dallas-based Ranger Governance, owned by CA antagonist and billionaire Sam Wyly, called for the heads of CA chairman Charles Wang, CEO Sanjay Kumar and CFO Ira Zar for what it called a "failure of performance" and a "lack of integrity".
This is the second attempt by Wyly to unseat members of the board. Last summer he led a bitter but failed proxy battle to oust four company executives.
However, CA defended its business, sales and accounting practices stating its board members were committed to increasing transparency while dealing with "an extraordinarily difficult business environment."
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