retailpro_8k-090508.htm
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): September 5, 2008
RETAIL
PRO, INC.
(Exact
name of registrant as specified in its charter)
(State or
Other Jurisdiction of Incorporation)
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0-23049
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33-0896617
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(Commission
File Number)
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(IRS
Employer Identification No.)
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3252
Holiday Court, Ste. 226, La Jolla, California
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92037
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(Registrant’s
telephone number, including area code)
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01. Other Events.
On
September 4, 2008 an action was filed in the United States District Court for
the Southern District of California entitled “Securities and Exchange Commission
v. Retail Pro Inc., fka Island Pacific Inc.; et al.” (the
“Lawsuit”).
On
September 5, 2008, Retail Pro, Inc. (the “Company”) settled the Lawsuit which
was related to the previously disclosed U.S. Securities and Exchange
Commission’s investigation of the Company. The Company settled the Lawsuit by
consenting to entry of a permanent injunction in the United States District
Court for the Southern District of California against future violations of the
anti-fraud, reporting, record-keeping, and internal control provisions of the
Securities Exchange Act of 1934 (the “Settlement”). The Company
entered into the Settlement without admitting or denying the allegations, and
was not required to pay any civil penalty, fine, or monetary damages as part of
the Settlement.
The
Settlement resolves the SEC investigation into the Company’s financial
condition, results of operations, accounting policies and procedures, internal
controls, and internal revenue recognition investigation relating to the timing
of revenue recognition for certain transactions during the fiscal years ended
March 31, 2003, 2004 and 2005.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereto
duly authorized.
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Retail
Pro, Inc. |
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Date:
September 8, 2008
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By:
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/s/ Donald
S. Radcliffe |
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Name:
Donald S. Radcliffe |
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Title:
Chief Executive Officer |
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