IBM Reaches Settlement Agreement with SEC on First-Quarter 2005 Earnings and Equity Compensation Expensing Disclosures.* IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) agrees to cease and desist order An order issued by an Administrative Agency or a court proscribing a person or a business entity from continuing a particular course of conduct. The force and effect of a cease and desist order are similar to those of an Injunction issued by a court. * No fine or monetary penalty imposed ARMONK, N.Y. -- IBM (NYSE NYSE See: New York Stock Exchange :IBM) today announced that the company has reached an agreement with the U.S. Securities and Exchange Commission (SEC) to resolve the previously disclosed investigation by the SEC concerning the company's disclosures relating to its first-quarter 2005 earnings and expensing of equity compensation. IBM initially disclosed this investigation in a SEC Form 8-K, dated June 27, 2005. In connection with the agreement, IBM has consented to entry of an administrative order by the SEC directing that IBM cease and desist Cease and desist (also called C & D) is a legal term used primarily in the United States which essentially means "to halt" or "to end" an action ("cease") and to refrain from doing it again in the future ("desist"). from committing or causing any violations of certain of the reporting provisions of the federal securities laws and related SEC rules. IBM consented to this order without admitting or denying any wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do . The
SEC's order contains no finding of securities fraud or violation of
any antifraud provision of the federal securities laws and related SEC
rules. No monetary penalty or fine was imposed in connection with the
resolution of this matter.
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