ST. LOUIS, Aug 12, 2004 (BUSINESS WIRE) -- TALX Corporation
(NASDAQ:TALX) today reported that it has reached an agreement in
principle with the staff of the Securities and Exchange Commission to
settle its ongoing investigation of the company's accounting of
certain items, which was the subject of the company's restatements of
its 2001 and 2002 financial statements. Under the agreement in
principle, the company would pay a fine of $2.5 million. As previously
disclosed, in the company's fiscal first quarter ended June 30, 2004,
the company recorded a reserve of $3.0 million related to the
potential SEC settlement. Separately, William W. Canfield, the
company's president and chief executive officer, has reached an
agreement in principle with the SEC staff to settle its ongoing
investigation against him in a related matter.
Canfield commented, "We are very pleased that the uncertainty
relating to the SEC investigation appears to be coming to a close.
Settling this matter will allow us to focus on moving our business
In connection with the agreement in principle, the company will
consent, without admitting or denying any wrongdoing, not to violate
certain specified provisions of U.S. securities laws in the future.
The agreement with the SEC staff is subject to final approval by the
TALX Corporation is a leading business process outsourcer for
payroll data-centric services. TALX holds a leadership position in two
key employment-related services - automated employment and income
verification services via The Work Number(R) and unemployment cost
management services via UC eXpress(R). TALX also provides paperless
payroll services, W-2 services, automated time entry and candidate
screening services. Based in St. Louis, Missouri, TALX Corporation's
common stock trades on the Nasdaq Stock Market(R) under the symbol
TALX. For more information about TALX Corporation call 314-214-7000 or
access the Company's website at www.talx.com.
SOURCE: TALX Corporation
TALX Corporation, St. Louis
L. Keith Graves, 314-214-7000