NEW YORK, Oct. 27, 2008 (GLOBE NEWSWIRE) -- Roy Jacobs & Associates announces that it is investigating Cadence Design Systems, Inc. ("Cadence or the "Company") (Nasdaq:CDNS) for possible securities law violations resulting from its announcement that it expects to restate its results for the first quarter and first half of 2008 to account for $24 million of contract revenue that was improperly recognized in the first quarter. The Company has admitted that the revenue relating to these contracts should have been recognized over the duration of the contracts. Cadence has been forced to delay announcement of its third quarter results, pending restatement. Shares fell $1.10, or 25.5 percent, to close at $3.22 on October 23, 2008, following the company's announcement after the market closed the previous day. The Company's share price further declined on October 24, 2008.
For further information, please contact Roy L. Jacobs, Esq. toll-free at 1-888-884-4490 or by e-mail to rjacobs@jacobsclasslaw.com.
The accounting misstatement comes on the heals of the October 15, 2008 announcement of the departure of the Company's Chief Executive Michael Fister, and four other senior executives, Kevin Bushby, executive vice president of worldwide field operations, James Miller, executive vice president in charge of Cadence's product and technologies organizations, William Porter, executive vice president and chief administrative officer, and R.L. Smith McKeithen, executive vice president of corporate affairs.
If you bought Cadence securities during the period from April 23, 2008 through October 22, 2008, and suffered a loss (whether or not you have sold your shares), and you are interested in discussing your rights free of charge, please contact Roy L. Jacobs. Mr. Jacobs will be glad to personally speak with you.