Tuesday, November 14, 2006

Ixia To Restate Earnings

Calabasas-based Ixia announced Monday that it will restate its financial statements for the years ending December 31, 2003, 2004, and 2005. The firm, in a filing with the SEC, said that the firm's annual reports for December 31, 2005, should no longer be relied upon because of previously unidentified material weakness in internal control over financial reporting. According to Ixia, the issue was over certain implied post-contract customer support and maintainance obligations. As a result, the firm will be unable to file its quarterly report for the quarter ended September 30th.