Accelr8 to Pay $105,000 to Settle SEC Allegations

Accelr8 Technology (ticker symbol: ACLY) and three of its officers agreed to pay $105,000 to settle Securities and Exchange Commission allegations that the software company overstated revenue and misrepresented the ability of products to solve year 2000 computer problems.

The SEC alleged that the company misled investors about the usefulness of the company’s year 2000 software tools through news releases and SEC filings issued from 1997 through 1999. The agency also alleged that the company overstated revenue between April 1998 and April 1999.

The Denver-based company and its officers neither admitted nor denied wrongdoing. Accelr8’s shares rose 17 cents to $1.42 in OTC Bulletin Board trading.