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In the last year, it's suffered layoffs, filed a lawsuit against a CEO whose company it bought, and announced plans to split into two companies to combat falling revenues.
The SEC also said that of the eight former executives who were charged with "with manipulating financial results" five agreed to settlements, although these settlements do not mean the executives or the company have denied or admitted culpability. The three others are contesting the charges against them.
Meanwhile, CSC also agreed to pay a $190 million penalty to settle the charges. This is on top of the $97.5 million CSC agreed to pay to settle a class-action lawsuit in 2013 that arose from the accusations.
On Friday, CSC restated its earnings for the years in question and announced it had put new accounting policies in place.
Most significantly, former CEO Michael Laphen agreed to return to CSC more than $3.7 million in his compensation under the clawback provision of the Sarbanes-Oxley Act. He also paid a $750,000 penalty.
While $4 million is nothing to sneeze at, for comparison's sake Laphen was paid $12.5 million in 2011, which included a $1.1 million salary, more than $4.6 million in stock grants, and a $1.3 million cash bonus (plus stock options, contributions to the pension plan, and other benefits). In 2010, he earned more than $15.5 million. Laphen was CEO from 2007 through 2012.
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On top of that, the SEC alleges that CSC was manipulating the books in its Australia, Denmark, and Nordic regions that inappropriately dealt with expenses.
In addition to these charges and settlements, the SEC required CSC to retain an independent consultant to review the company’s ethics and compliance programs, it said.
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