Intuit Finds No Wrongdoing in Stock Options Practices

August 18, 2006 ( - In a refreshing change from recent reports from companies investigating their past stock options practices, Intuit Inc. announced that its internal probe has uncovered no evidence of fraud or wrongdoing.

Bloomberg reports that the maker of TurboTax and Quicken software also said it does not expect to restate financial results.

Intuit announced in June the US Attorney for Northern California had subpoenaed information related to stock option practices, according to Bloomberg. The company said its internal investigation started in May.

The sweeping probe by the Securities and Exchange Commission (SEC) has resulted in companies restating financial results for past years (See CNET to Restate Financial Results ), being sued by public pension funds for accounting fraud (See UnitedHealth, Barnes & Noble Hit with Options Dating Lawsuits ), and criminal charges against former executives (See Comverse Execs Face Fraud Charges for Options Backdating ).