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Software developer struggles to rebound after SEC scandal
GREENSBURG - The only thing more difficult than gaining trust is regaining it.
Sulcus Computer Corp. is learning this lesson the hard way.
In 1993, the Securities and Exchange Commission began investigating allegations that the company - which develops automated systems for the hospitality, real estate and legal industries - filed false financial statements to improve its results in 1991 and 1992.
Without admitting any wrongdoing, Sulcus agreed last month to retool its accounting and reporting procedures and refrain from violating any securities laws in the future.
In doing so, the company dodged one major bullet: It won't be subject to any penalties from the SEC.
The company wasn't so lucky in the courts. In December 1995, Sulcus settled …