NEW YORK, April 15, 2013 /PRNewswire/ -- Levi & Korsinsky is investigating potential claims on behalf of purchasers of Ixia ("XXIA" or the "Company") (NasdaqGS: XXIA) securities concerning possible violations of securities laws.
On April 3, 2013, the Company disclosed that it would need to restate its financial results for the fiscal years ended December 31, 2011 and 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, and that the Company's previously issued financial statements for these periods should no longer be relied upon. According to the Company, these restatements are the result of an internal investigation which identified errors in the Company's revenue recognition practices.
The following day, shares of Ixia dropped more than 9%, to close at $18.37 per share, and dropped a further $0.58 per share on April 5, 2013, to a closing price of $17.79 per share.
If you own Ixia stock and wish to obtain additional information about the investigation and your legal rights, please contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/ixia-xxia/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.com