SAN DIEGO, Nov. 18, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of Ixia (XXIA) common stock over alleged violations of Federal Securities Laws by Ixia in connection with certain allegedly false and misleading statements made between April 29, 2010 and October 24, 2013.
If you purchased a significant amount of shares of Ixia (XXIA) between April 29, 2010 and October 24, 2013, and / or if you purchased XXIA shares in 2010 or earlier and currently hold any of those shares, you have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that Ixia improperly recognized revenues related to its warranty and software maintenance contracts, that Ixia's Chief Executive Officer "CEO" misstated his academic credentials and employment history, that Ixia lacked adequate internal and financial controls, and that as a result of the foregoing, Ixia's statements were materially false and misleading at all relevant times.
On March 19, 2013, Ixia filed with the SEC a Form indicating that Ixia's Annual Report for the fiscal year ended December 31, 2012 could not be timely filed. Ixia said that it 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." Then on April 3, 2013, Ixia announced that it identified an additional error in its revenue recognition practices, requiring Ixia to restate its financial results for the 2010 and 2011 fiscal years and each fiscal quarter ended March 31, 2011 through September 30, 2012.
On October 24, 2013, Ixia announced that 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.
Shares of Ixia declined from $22.24 per share on March 6, 2013 to as low as $13.01 per share on November 14, 2013.
Those who purchased shares of Ixia have certain options and should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.