ST. LOUIS--(BUSINESS WIRE)--March 3, 2005--TALX Corporation
(NASDAQ: TALX) announced today that the Securities and Exchange
Commission (SEC) has accepted the previously announced offer of
settlement submitted by TALX to resolve the SEC's investigation into
its accounting for certain items. All financial statements in question
have been previously restated to address the issues raised by the SEC.
TALX agreed, without admitting or denying any liability, not to
violate certain provisions of the Federal securities laws in the
future. TALX also agreed to pay one dollar in disgorgement and $2.5
million in civil penalties. These amounts were paid into escrow by
TALX in December 2004 and had been previously reflected in the
company's financial statements.
The SEC also accepted the offer of settlement submitted by William
W. Canfield, TALX's president and chief executive officer, to resolve
charges stemming from the same accounting issues. Canfield agreed,
without admitting or denying any liability, not to violate certain
provisions of the Federal securities laws in the future. He also
agreed to pay $859,999 in disgorgement and $100,000 in civil
penalties. The settlements are subject to final approval of the U.S.
District Court for the Eastern District of Missouri.
TALX Corporation is a leading provider of payroll-related and
human resources services. Based in St. Louis, Missouri, TALX holds a
leadership position in two key services -- automated employment and
income verification services via The Work Number(R) and unemployment
cost and tax management services via UC eXpress(R). TALX also provides
paperless payroll services, W-2 services, I-9 services, time entry and
approval services, automated hiring services, and tax credit
consulting and administrative services. The company's common stock
trades on The Nasdaq National Market under the symbol TALX. For more
information about TALX Corporation, call 314-214-7000 or access the
company's Web site at www.talx.com.
CONTACT: TALX Corporation, St. Louis
L. Keith Graves, 314-214-7000
SOURCE: TALX Corporation