SEC suit against ex-Gateway CEO dismissed

SAN FRANCISCO: Gateway’s former chief executive Jeffrey Weitzen won a dismissal of a US Securities and Exchange Commission lawsuit accusing him of inflating revenue to meet analysts’ expectations in ‘00.

The SEC failed to provide enough evidence to support its claims that Weitzen, who was the personal computer maker’s CEO in ‘00, tried to ‘close the gap’ between the company’s revenue and Wall Street’s expectations for the company’s third quarter, ‘00, results, Judge Roger Benitez of US district court in San Diego said in Tuesday’s ruling, which lawyers in the case received on Wednesday.