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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

VMware Announces Settlement of Previously Disclosed Investigation by the Securities and Exchange Commission

September 12, 2022 GMT

PALO ALTO, Calif.--(BUSINESS WIRE)--Sep 12, 2022--

VMware, Inc. (NYSE: VMW) (the “Company”) today announced that it has reached a settlement with the U.S. Securities and Exchange Commission (the “SEC”) to resolve a previously disclosed investigation related to the Company’s backlog disclosures in public filings for its 2019 and 2020 fiscal years, which ran from February 3, 2018 through January 31, 2020.

Under the terms of the settlement, the Company has agreed to pay a civil monetary penalty of $8 million without admitting or denying the SEC’s findings, which relate to the Company’s disclosures. The SEC’s findings do not include any findings that the Company failed to comply with generally accepted accounting principles. The SEC Staff has confirmed that it does not intend to recommend enforcement action against any current or former VMware officers or other member of management in connection with the investigation, and this settlement concludes the matter.

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VMware believes this settlement is the right course of action for the Company and continues to be committed to operating at the highest level of integrity, including with respect to its public filings and communications with investors.

About VMware

VMware is a leading provider of multi-cloud services for all apps, enabling digital innovation with enterprise control. As a trusted foundation to accelerate innovation, VMware software gives businesses the flexibility and choice they need to build the future. Headquartered in Palo Alto, California, VMware is committed to building a better future through the company’s 2030 Agenda. For more information, please visit www.vmware.com/company.

VMware is a registered trademark of VMware, Inc. in the United States, and other jurisdictions.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220912005968/en/

CONTACT: Doreen Ruyak

VMware Global Communications

1.202.744.9767

druyak@vmware.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: DATA MANAGEMENT SECURITY APPS/APPLICATIONS TECHNOLOGY SOFTWARE NETWORKS INTERNET

SOURCE: VMware, Inc.

Copyright Business Wire 2022.

PUB: 09/12/2022 05:36 PM/DISC: 09/12/2022 05:37 PM

http://www.businesswire.com/news/home/20220912005968/en