Peregrine Exits Bankruptcy
Asset management software maker ready for the future.Peregrine Systems Inc. is back. The maker of asset and service management software on Thursday emerged from Chapter 11 bankruptcy protection saying it had completed all the requirements of the bankruptcy court. Peregrine came under fire last year when accounting irregularities came to light and the San Diego company had to restate three years of earnings. CEO Steve Gardner and CFO Matt Gless resigned their posts. Peregrine last month settled some of the Securities and Exchange Commissions charges against the company. It signed a consent degree settling an SEC suit that alleged "massive financial fraud" by former officers of the company. The agency said the company improperly recorded hundreds of millions of dollars in revenue. Despite the settlement, Peregrine still faces possible civil penalties.
Gary Greenfield took over as CEO in June 2002, after the accounting problems came to light, and took the company into bankruptcy. As part of a restructuring Peregrine sold its Remedy help desk software unit last year to BMC Software Inc.