Symbol Technologies to Pay $37-Million Fine

Symbol Technologies Inc. agreed Thursday to pay $37 million to settle regulators’ allegations that the world’s largest seller of bar-code scanners committed accounting fraud by artificially boosting financial results.

The Securities and Exchange Commission also sued 11 executives of the Holtsville, N.Y.-based company. The SEC said the $37-million fine, which would be distributed to the company’s investors, was imposed in part because executives sought to impede two internal investigations conducted by outside lawyers.

“While the company ultimately did cooperate with the government,” said Stephen M. Cutler, the SEC’s enforcement director, “its initial response to our investigation further harmed investors by delaying exposure of fraud.”

Symbol has been under investigation for more than a year by the SEC. The company didn’t admit or deny wrongdoing.