How it started
History
Founded in 1981, AspenTech was born out of a joint research project between the Massachusetts Institute of Technology (MIT) and US Department of Energy—called the Advanced System for Process Engineering (ASPEN) Project.
Aspen held its IPO in November 1994.
On July 15, 2004, AspenTech was required by the Federal Trade Commission to make divestitures in regard to an anti-trust ruling against its acquisition of HyproTech. This included divestment of batch and continuous simulation systems and integrated engineering software business (AXSYS). In the same year, a class action lawsuit was filed against Aspen Technology and its certain officers over issuance of misleading statements and improper revenue recognition.
On November 24, 2004, the company restated results for the fiscal years ended June 2000 through June 2004 after its audit committee discovered the company improperly accounted for certain software licenses.
On March 15, 2005, the company announced that the Audit Committee of the Company's Board of Directors had completed its previously announced financial review and the company had restated its financials for each of the fiscal years ended June 30, 2000 through June 30, 2004. The company's former CEO, David McQuillin, was sentenced in 2007 to 6 months' house arrest and 3 years' probation after pleading guilty to falsifying revenue figures.
From Wikipedia’s article on AspenTech Corp., shared under CC BY-SA 4.0.2