Key Developments: Ixia (XXIA.O)
15.11USD
24 May 2013
$0.05 (+0.33%)
$15.06
$14.97
$15.16
$14.68
222,208
793,741
$22.50
$9.95
Latest Key Developments (Source: Significant Developments)
Ixia Issues Q2 2013 Guidance Below Analysts' Estimates; Issues FY 2013 Revenue Guidance In Line With Analysts' Estimates-Conference Call
Ixia announced that for second quarter of 2013, it expects revenues to be in the range of $119-$122 million and non-GAAP diluted earnings per share (EPS) to be in the range of $0.20-$0.22. For fiscal 2013, it expects revenues to exceed $500 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $128 million and EPS of $0.24 for second quarter of 2013; revenue of $529 million for fiscal 2013. Full Article
The Young Law Firm Announces Investigation Of Ixia
The Young Law Firm is investigating potential claims on behalf of investors in Ixia concerning possible violations of federal securities laws. The investigation concerns how the Company has recognized revenue. Ixia provides services and products related to IP network validation and network visibility. On March 19, 2013 Ixia announced that it was unable at that time to file its Annual Report on Form 10-K for the year ended December 31, 2012 and that it needed to correct an error related to the manner in which it recognized revenues for its warranty and software maintenance contracts. On April 3, 2013, the Company announced it had identified an additional error in the Company's revenue recognition practices that required correction, and that the Company's management had recommended to the Audit Committee of the Company's Board of Directors (the Audit Committee) that the Company restate certain previously issued financial statements. The Audit Committee concurred and concluded that the Company should restate its consolidated financial statements for (i) the fiscal years ended December 31, 2011 and 2010, (ii) the fiscal quarters ended March 31, 2011, June 30, 2011, September 30, 2011 and December 31, 2011, and (iii) the fiscal quarters ended March 31, 2012, June 30, 2012 and September 30, 2012. The Company further announced that its previously issued financial statements for the Restated Periods should no longer be relied upon. Full Article
Brower Piven Announces Investigation Of Ixia For Potential Violations Of Federal Securities Laws
Brower Piven, A Professional Corporation, announced that it has commenced an investigation of potential securities law violations by Ixia (Ixia or the Company). 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. Full Article
Law Offices of Howard G. Smith Announces Investigation On Behalf of Investors of Ixia
Law Offices of Howard G. Smith announced that it is investigating potential claims against Ixia (Ixia or the Company) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Ixia misrepresented the Company`s financial performance. Ixia provides converged Internet protocol (IP) network validation and network visibility solutions in the United States and internationally. The Company`s solutions are used to design, verify, and monitor a range of Ethernet, Wi-Fi, and 3G/long-term evolution equipment and networks. The investigation concerns allegations that Ixia issued misleading statements or failed to disclose material adverse facts concerning the Company`s operations and financial performance. On April 3, 2013 in a filing with the Securities and Exchange Commission, 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 the foregoing periods should no longer be relied upon. Full Article
Lifshitz Law Firm Announces Investigation Of Ixia
Lifshitz Law Firm announced that it is investigating potential claims against the board of directors of Ixia. On April 4, 2013, Ixia in a filing with the Securities and Exchange Commission restated its financial results for 2010, 2011 and the first three quarters of 2012. The Company decided that it needed to correct an error related to the manner in which it recognizes revenues for its warranty and software maintenance contracts. Full Article
Law Offices of Todd M. Garber Announces Investigation Of Ixia
The Law Offices of Todd M. Garber announced that it is investigating potential claims against Ixia concerning possible violations of federal securities laws. Ixia provides converged Internet protocol (IP) network validation and network visibility solutions in the United States and internationally. The Company’s solutions are used to design, verify, and monitor a range of Ethernet, Wi-Fi, and 3G/long-term evolution equipment and networks. The investigation concerns allegations that Ixia issued misleading statements or failed to disclose material adverse facts concerning the Company’s operations and financial performance. On April 3, 2013 in a filing with the Securities and Exchange Commission, 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 the foregoing periods should no longer be relied upon. Full Article
Ixia Lowers Q1 2013 Revenue Guidance
Ixia updated revenue expectations for the first quarter of 2013 and expects revenues to be in the range of $121 million to $123 million, below prior revenue guidance of $125 million to $127 million. Management’s updated revenue expectations exclude $4.15 million that the Company previously expected to recognize in the first quarter but has now recognized in prior periods that have been restated to correct certain revenue recognition practices including with respect to an implied warranty arrangement with a customer that resulted in the $4.15 million not being recognized during the 2013 first quarter. The updated range reflects the Company’s previous guidance, as adjusted for the $4.15 million in revenue that has been recognized in prior periods. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $125 million for first quarter of 2013. Full Article
Ryan & Maniskas, LLP Announces Investigation of Ixia
Ryan & Maniskas, LLP announced that it has commenced an investigation into potential securities law violations by certain officers of Ixia (Ixia or the Company). The investigation focuses on allegations that certain statements issued by the Company regarding the Company's business, operations and financial condition were false and misleading. The investigation is related to the Company's announcement that it would have to restate its financial results for 2010, 2011 and the first three quarters of last year. The Company had 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. In a filing with the Securities and Exchange Commission on April 3, 2013, Ixia said that during its review, it found an additional error in how it accounts for revenue that it needed to correct. Full Article
Glancy Binkow & Goldberg LLP Announces Investigation of Ixia
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims on behalf of purchasers of the securities of Ixia concerning possible violations of federal securities laws. The investigation concerns allegations that Ixia issued misleading statements or failed to disclose material adverse facts concerning the Company’s operations and financial performance. On April 3, 2013 in a filing with the Securities and Exchange Commission, 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 the foregoing periods should no longer be relied upon. According to the Company, the restatements are the result of an internal evaluation which identified errors in the Company’s revenue recognition practices and 'relate to the manner in which the Company recognizes 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'. Full Article
Ixia Files 2012 10-K, Including Restated Financial Statements, and Is Current with SEC Filings
Ixia announced that on April 4th it had filed its Annual Report on Form 10-K for the year ended December 31, 2012 (2012 Form 10-K) with the Securities and Exchange Commission (the Commission). As part of the 2012 Form 10-K, Ixia has completed the restatement of its previously issued consolidated financial statements for the years ended December 31, 2010 and 2011, its unaudited quarterly financial information for each of the quarters and year-to-date periods in the year ended December 31, 2011 and in the nine months ended September 30, 2012, and its selected financial data for the years ended December 31, 2008 and 2009. With the filing of its 2012 Form 10-K, Ixia is now current in its filings of periodic reports with the Commission. The restated consolidated financial statements correct certain errors that existed in Ixia's previously issued consolidated financial statements, principally related 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 related changes in the Company’s revenue recognition practices will generally result in a shift of revenues between accounting periods in the Company's previously issued financial statements. Full Article
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