An investigation for investors in shares of Ixia (NASDAQ:XXIA) over potential wrongdoing by certain officers and directors was announced and current long-term NASDAQ:XXIA stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 05/21/2013 -- An investigation on behalf of investors, who currently hold NASDAQ:XXIA shares, is ongoing concerning whether certain Ixia officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who purchased shares of Ixia (NASDAQ:XXIA) in 2009 or earlier and current hold any of those NASDAQ:XXIA shares, 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, among other things, whether certain Ixia officers and directors breached their fiduciary duties and caused damage to the company and its shareholders by failing to implement adequate internal controls.
On March 19, 2013, Ixia filed with the Securities and Exchange Commission (“SEC”) a Form indicating that Ixia’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 could not be timely filed. 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 April 8, 2013, Ixia announced that on April 4th it had filed its Annual Report on Form 10-K for the year ended December 31, 2012 with the SEC. As part of the 2012 Annual Report 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.
On April 30, 2013, Ixia, reported its financial results for the first quarter ended March 31, 2013.
Shares of Ixia declined from over $22 in early March 2013 to as low as $14.15 on May 7, 2013.
On May 20, 2013, NASDAQ:IXIA shares closed at $15.56 per share.
Those who purchased shares of Ixia (NASDAQ:XXIA) in 2009 or earlier and current hold any of those NASDAQ:XXIA shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego