SkillSoft subject of investigation

SkillSoft has announced that it is the subject of a formal order of private investigation entered by the Securities and Exchange Commission.

On November 19, 2002, SkillSoft announced that it would restate the financial statements of SmartForce PLC for the period 1999 through June 2002.

SkillSoft understands that the SEC's investigation concerns SmartForce's financial disclosure and accounting during that period.

The SEC has launched this formal investigation of SkillSoft PLC less than two weeks after the company disclosed an informal probe by the regulator.

SkillSoft and SmartForce merged in November 2002.