Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Ixia
NEW YORK, April 8, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Ixia ("Ixia" or the "Company") (NasdaqGS: XXIA). The investigation focuses on whether the Company and its executives violated federal securities laws.
On April 4, 2013, shares of Ixia slid $1.59, or 7.8 percent after the network hardware company said it had to restate its financial results for 2010, 2011 and the first three quarters of last year. Last month the company said it would not be able to file its financial results for 2012 on time because it needed to correct an error related to how it recognizes revenue for warranty and software maintenance contracts. The Company said in its annual report filed late Thursday that the impact of the restatement increased net income by about $2.9 million for 2011, $1.6 million for 2010, $3 million for 2009 and $360,000 for 2008. However, the Company announced in its 10-k that it cannot guarantee that it will not receive inquiries from the Securities and Exchange Commission (the "SEC") or the Nasdaq Stock Market LLC ("Nasdaq") regarding its restated financial statements or matters relating thereto. Any future inquiries from the SEC or the Nasdaq as a result of the restatement of its historical financial statements will, regardless of the outcome, likely consume a significant amount of its internal resources and result in additional legal and accounting costs. On Friday April 5, 2013, shares of the Company closed down 58 cents, or 3 percent, to $17.79.
If you are aware of any facts relating to this investigation, or purchased shares of Ixia, you can assist this investigation by contacting either Peretz Bronstein of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by email are encouraged to include their mailing address, email and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC