WAYNE, Pa., Nov. 15, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired Ixia ("Ixia" or the "Company") (NASDAQ: XXIA) securities between April 29, 2010 and October 24, 2013 both dates inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/xxia.
Ixia delivers information technology solutions to a wide variety of organizations, through real-time monitoring, real-world testing, and rapid assessment of networks and systems.
According to the complaint, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly recognized revenues related to its warranty and software maintenance contracts; (2) The Company's Chief Executive Officer "CEO" misstated his academic credentials and employment history; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On March 19, 2013, Ixia announced that it had filed a Form 12b-25 with the SEC relating to the Company's Annual Report on Form 10-K for the year ended December 31, 2012, and that the Company needed to delay the filing of its Annual Report, "to correct an error related to the manner in which [Ixia] recognizes revenues for its warranty and software maintenance contracts."
On April 3, 2013, Ixia announced that after a further evaluation of the Company's finances, and identifying an additional error in the Company's revenue recognition practices that required correction, the Company's management recommended to the audit committee of the Company that the Company restate previously issued financial statements for the fiscal years ended December 31, 2011 and 2010, and the fiscal quarters ended March 31, 2011, June 30, 2011, September 30, 2011, March 31, 2012, June 30, 2012, and September 30, 2012 (the, "Restated Periods"); and, that the financial statements from the Restated Periods should no longer be relied upon. On this news, the Company's shares declined $1.94 per share, or over 9.5%, to close on April 4, 2013, at $18.37 per share.
On October 24, 2013, the Company disclosed "Vic Alston has resigned as its President and CEO and as a member of its board of directors following a determination by the Ixia audit committee that although he had attended Stanford University, he had misstated his academic credentials, incorrectly claiming to have received a B.S. and a M.S. in Computer Science, and had misstated his age and early employment history." On this news, the Company's shares declined $0.78 per share, or nearly 5%, to close on October 25, 2013, at $14.94 per share.
If you are a member of the class, you may, no later than January 14, 2014, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/xxia or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at email@example.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP