NEW YORK, NY--(Marketwired - Nov 22, 2013) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ixia ("Ixia" or the "Company") (
A complaint has been filed on behalf of all persons who purchased Ixia securities between April 29, 2010 and October 24, 2013, inclusive (the "Class Period") in the Central District of California.
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period Ixia and its executives made a series of false and misleading statements by failing to disclose that (1) the Company improperly recognized revenues related to its warranty and software maintenance contracts; (2) the Company's Chief Executive Officer misstated his academic credentials and employment history; and (3) the Company lacked adequate internal and financial controls.
On April 3, 2013, Ixia announced that it would restate previously issued financial statements due to an error in revenue recognition practices. On this news, the Company's stock declined $1.94 per share, or nearly 10%, to close at $18.37 per share on April 4, 2013.
Then, on October 24, 2013, Ixia disclosed that its President and CEO misstated his academic credentials and early employment history. Following this news, the Company's stock declined $0.78 per share, or nearly 5%, to close at $14.94 per share on October 25, 2013.
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If you invested in Ixia stock, bonds or options between April 29, 2010 and October 24, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/XXIA. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Ixia's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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