NEW YORK, June 14, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Ixia ("Ixia" or the "Company") who purchased shares between April 29, 2010 and April 3, 2013 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether Ixia and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On April 3, 2013 the Company disclosed 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 the Company's previously issued financial statements for the foregoing periods should no longer be relied upon. According to the Company, the restatements are the result of an internal evaluation which identified errors in the Company's 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 this news shares of Ixia fell $1.94 per share or 9.5%, to close on April 4, 2013 at $18.37 per share.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.