The SEC charged Storage Technology with fraud.
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The commission said the Louisville, Colo.-based firm used improper accounting practices to fraudulently overstate its earnings from 1982 until it sought Chapter 11 protection on Oct. 31, 1984. The Securities and Exchange Commission said the computer products firm consistently reported revenue before sales were actually completed or assured of being completed. The company neither admitted nor denied the charges but agreed not to contest an injunction forbidding it from future violations.
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