SAN DIEGO — Peregrine Systems Inc. is axing 1,400 jobs, or nearly its half work force, and closing some of its offices to cut costs amid an investigation by federal securities regulators.
Peregrine officials said Tuesday the company will reduce the number of employees from 2,900 to 1,500 in its U.S. offices. It was not immediately known how many locations would be closed.
“This work force reduction will help Peregrine sustain long-term viability,” said Gary Greenfield, who was named chief executive two weeks ago. “These actions will have minimal impact on our customers and the level of services and support we offer.”
The business-software company has admitted it may have overstated as much as $100 million in revenue. Peregrine is under formal investigation by the Securities and Exchange Commission and said it will restate three years of earnings.