It will get half of this money back because after the close of its last quarter it sold 50% of the securities and will record a gain of $33.7m in the next quarter’s figures.
An unnamed member of staff has been dismissed over the incident, and while Logitech insisted it only invests in triple-A rated securities, it said company procedures had not been followed.
Our View
Romanel-Sur-Morges, Switzerland-based Logitech is the first IT company to suffer a fallout from the sub-prime crisis. Large cash-rich companies in the industry have billions invested in short-term investments and this could be the first of a series of announcements.
