Thursday, February 26, 2009

Aspen Technology’s CFO resigns

By Mass High Tech staff

Process management software company Aspen Technology Inc. reports that Brad Miller is stepping down as chief financial officer at the Burlington-based company today, in order to pursue other interests. Mark Fusco will serve as interim chief financial officer while the company conducts an executive search process to replace Miller.

Fusco is chief executive officer of AspenTech. He said in a statement that the announcement won’t affect the company’s targets for bringing its financial reporting current. AspenTech (OTC: AZPN.PK) trades on the Over the Counter Bulletin Board, after being delisted one year ago from the Nasdaq.

In 2007, AspenTech settled a case with the U.S. Securities and Exchange Commission over an accounting inquiry for fiscal years 2000 to 2004. AspenTech consented to a cease-and-desist order requiring future compliance with federal securities laws and regulations.

The settlement neither admitted nor denied the SEC’s findings and did not require the company to pay a monetary penalty. The company also agreed to retain an independent consultant who will review specific financial and accounting policies and procedures relating to revenue recognition and related issues.