An investigation for investors in shares of Ixia (NASDAQ:XXIA) over possible breaches of fiduciary duties was announced and NASDAQ:XXIA stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 08/07/2013 -- An investigation on behalf of investors, who purchased shares of Ixia (NASDAQ:XXIA), is ongoing concerning potential breaches of fiduciary duties by certain officers and directors of Ixia.
Investors who purchased shares of Ixia (NASDAQ:XXIA), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Ixia breached their fiduciary duties and caused damage to the company and its shareholders.
On April 3, 2013 Ixia announced 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 Ixia’s previously issued financial statements for the foregoing periods should no longer be relied upon. Ixia said that the restatements are the result of an internal evaluation which identified errors in its 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."
On July 8, 2013, after the market closed, Ixia (Nasdaq: XXIA) announced certain preliminary financial results for the second quarter ended June 30, 2013. Ixia said that the total revenue for the second quarter of 2013 is expected to be in the range of $114 million to $116 million, below the company’s previous guidance of $119 million to $122 million.
Shares of Ixia (NASDAQ:XXIA) dropped from $18.105 per share on July 8, 2013, to $14.00 per share in July 9, 2013,
On July 30, 2013, Ixia (Nasdaq: XXIA) reported its financial results for the second quarter ended June 30, 2013.
Among other things, Ixia reported Total revenue for the 2013 second quarter of $115.9 million.
NASDAQ:XXIA shares traded on July 31, 2013 as low as $13.50 per share.
On August 6, 2013, NASDAQ:IXIA shares closed at $15.18 per share.
Those who purchased shares of Ixia (NASDAQ:XXIA) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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