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Cyberguard faces up to its questionable accounting.
CyberGuard Corp. (Nasdaq: CYBG) in Fort Lauderdale is learning a valuable accounting lesson - the hard way.
Since announcing it had to restate its third quarter earnings last month, its stock lost 70 percent of its value, its CEO and CFO were suspended, its auditors resigned, 23 shareholders filed suit and the Securities and Exchange Commission has stepped in to investigate. It was not a good month for the vulnerable company, the No. 6 producer in the fiercely competitive enterprise security industry.
"I think the lawyers for CyberGuard really have their work cut out for them," said Jay Brown, a business litigation attorney for Houston-based Beirne, Maynard & …
