By Owen Davis -
The U.S. Securities and Exchange Commission is investigating IBM (N:IBM)'s accounting practices in the U.S., U.K. and Ireland, the company revealed in a filing Tuesday. The inquiry, which IBM learned about in August, relates to how the company recognizes its revenue. The tech giant has recorded declining revenue in each its last 14 quarters.
In trading Tuesday, IBM shares fell 4 percent, or $5.66, to $138.04 dollars, the lowest the stock has traded in five years.
Earlier in the day, the company announced a surprise $4 billion share repurchase program, expanding its buyback authorization to $6.4 billion.
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