San Diego, CA -- (SBWIRE) -- 04/11/2012 -- Certain of its officers and directors at JDA Software Group are under investigation on behalf of investors in NASDAQ:JDAS shares over potential Violations of Federal Securities Laws in connection with certain accounting and financial reporting matters.
Investors who purchased shares of JDA Software Group Inc (NASDAQ:JDAS) between January 26, 2009 and January 31, 2012, 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 focuses on whether certain officers and directors at JDA Software Group violated securities laws in connection with certain statements made by JDA Software Group Inc regarding its business, its prospects and its operations that were materially false and misleading at the time they were made.
On January 12, 2012, JDA Software Group Inc reported its preliminary revenue results for the fourth quarter 2011 and earnings expectations for the FY 2011.
Then on Jan. 31, 2012, JDA Software Group Inc announced its fourth quarter and full year 2011 results.
Among other things, JDA Software Group Inc said it has received notice from the U.S. Securities and Exchange Commission (“SEC”) requesting information related to revenue recognition and other accounting and financial reporting matters for certain past fiscal years. In particular, the SEC requested information regarding JDA Software Group’s 2010 annual filing. JDA Software Group Inc also received a subpoena for documents from 2008 through 2010.
Then on February 29, 2012, JDA Software Group Inc that it was unable to file its Form 10-K for the year ended December 31, 2011 by the February 29, 2012 deadline due to its review of its revenue recognition policies for certain past years in connection with the previously disclosed inquiry from the SEC.
On March 15, 2012, JDA Software Group Inc disclosed that due to the SEC inquiry it would delay filing its 2011 Form 10-K.
Then on April 10, 2012, JDA Software Group Inc announced that it intends to restate certain financial statements.
JDA Software Group said that “based on the ongoing review of its revenue recognition policies and the application of these policies during the fiscal years 2008 to 2011, the Audit Committee of the Company’s Board of Directors has made a determination that the Company’s annual and quarterly results within such fiscal periods should be restated.”
JDA Software Group said that the financial results for 2008 through 2010 and its first, second and third quarter financial results for 2011 should no longer be relied upon and should be restated. According to JDA Software Group, it anticipates making adjustments to its software license revenue for certain transactions linked to services agreements that should have been recognized when the services agreements were signed, as opposed to at the time that the license agreement was signed.
NASDAQ:JDAS shares closed on April 6, 2012 at $26.86, down from over $33 per share in December 2011
Those who purchased shares of JDA Software Group Inc (NASDAQ:JDAS) between January 26, 2009 and January 31, 2012 have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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