Company overstated revenue by between $16 million and $30 million Veritas Software Corp. plans to revise its financial statements for 2003 and restate its revenues for 2001 and 2002, following an internal investigation that found the company had overstated revenues by between $16 million and $30 million for the years in question.The investigation, which concluded March 12, found that the storage software vendor had incorrectly deferred professional services revenue and engaged in the “unsubstantiated accrual of certain expenses,” Veritas said in a statement.The company has delayed the filing of its annual 10-K report for 2003 in order to adjust for an overstatement of revenues for the year. Veritas will also adjust the 2003 10-K to take into account a settlement the company finalized Monday with U.S. tax authorities relating to Veritas’s 2000 acquisition of the network storage management group of Seagate Technology Inc. Veritas will file its revised 10-K in the second quarter of 2004, the company said.Despite the adjustments, Veritas remains on target to bring in revenue between $455 million and $470 million for the first quarter of 2004, according to Gary Bloom, the company’s president, chairman, and chief executive officer. Veritas has “substantially improved” its financial leadership since the arrival of Chief Financial Officer (CFO) Ed Gillis in November 2002, he said.Gillis was hired a month after Veritas’s former CFO, Kenneth Lonchar, resigned after admitting to lying on his resume about having received an MBA (masters of business administration) from Stanford University. Before Monday’s announcement, Veritas had announced revenues of $1.77 billion for 2003.Veritas’s stock dropped 6 percent on the news, closing Monday at $29.14.