Network Associates Shares Tumble 20%

Network Associates Inc. shares fell 20% after the anti-virus software maker said it will restate 1999 and 2000 results after finding accounting errors, and the company withdrew its $225-million offer for the rest of McAfee.com Corp. The shares dropped $4.86 to $18.89 on the New York Stock Exchange. They sank as low as $17.40, paring as much as $931.8 million from the company’s market value. McAfee.com tumbled $4.57, or 25%, to $13.97 on Nasdaq.

Network Associates booked sales and expenses incorrectly when the company was run by Bill Larson, who quit as chief executive in December 2000 after an unexpected quarterly loss.