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Ixia needs to restate several years of financials

NEW YORK (AP) -- Shares of Ixia slid Thursday after the network hardware company said it had to restate its financial results for 2010, 2011 and the first three quarters of last year.

Last month the Calabasas, Calif., company had said it would not be able to file its financial results for 2012 on time because it needed to correct an error related to how it recognizes revenue for warranty and software maintenance contracts.

In a filing with the Securities and Exchange Commission late Wednesday, Ixia said that during its review, it found an additional error in how it accounts for revenue that it needed to correct.

The company plans to restate the financials when it files its 2012 annual report, which it expects to do by Friday.

Shares declined $1.59, or 7.8 percent, to $18.72. Over the past year, the stock has traded in a range of $9.95 last June to $22.50 in March. Shares had gained nearly 20 percent in 2013 through Wednesday's close.