Press release from Business Wire
Brower Piven Announces an Investigation of Ixia for Potential Violations of the Federal Securities Laws
Tuesday, April 16, 2013
Brower Piven Announces an Investigation of Ixia for Potential Violations of the Federal Securities Laws17:20 EDT Tuesday, April 16, 2013
STEVENSON, Md. (Business Wire) -- Brower Piven, A Professional Corporation, has commenced an investigation of potential securities law violations by Ixia (“Ixia” or the “Company”) (NasdaqGS: XXIA).
The investigation of Ixia is related to the Company's April 3, 2013 announcement that it will restate its consolidated financial statements for the fiscal years ended December 31, 2011 and December 31, 2010, the fiscal quarters ended March 31, 2011, June 30, 2011, September 30, 2011, and December 31, 2011, and the fiscal quarters ended March 31, 2012, June 30, 2012, and September 30, 2012. According to the Company's announcement, the errors that require the restatement of the previously issued financial statements relate to the manner in which the Company recognized revenues related to “its warranty and software maintenance contracts, including a previous implied warranty and software maintenance arrangement with one of the Company's customers.” The announcement further stated that the Company expected “to disclose in its 2012 Form 10-K that the Company did not maintain effective disclosure controls and procedures and internal control over financial reporting as of December 31, 2012 because of the identified material weaknesses related to the accuracy with which the Company had historically recognized revenues related to its warranty and software maintenance contracts and arrangements.”
If you purchased Ixia common stock between February 3, 2011 and April 3, 2013, the period during which Ixia common stock may have been overvalued due to possibly overstated financials, and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
Brower Piven, A Professional Corporation
Charles J. Piven, 410-415-6616