Bally Technologies, Inc. (NYSE:BYI) , a leader in slots, video machines, casino management systems, and networked solutions for the global gaming industry, today announced that the Securities and Exchange Commission (SEC) has approved a settlement with the Company concerning the SEC's investigation of Bally's historical revenue accounting.
Under the settlement, Bally consented, without admitting or denying the SEC's findings, to a cease and desist order, which requires Bally to remain in current compliance with federal securities laws and regulations relating to the Company's reporting, record keeping, and internal controls.
Bally fully cooperated with the SEC during the course of the investigation. The SEC made no allegations of fraud against the Company, and no fines, civil penalties, or monetary sanctions were levied against the Company.
The SEC's investigation, which began in February 2005, related to Bally's financial statements for the Company's 2003 fiscal year, the first two quarters of fiscal 2004, and the second and third quarters of fiscal 2005. Bally restated its financial results for the affected periods.
Richard M. Haddrill, Bally's President and Chief Executive Officer, said, "We are pleased with this resolution of the SEC investigation, which allows us to put these matters behind us as we continue to execute our strategies for the long-term success of our business."
