Ixia completes internal audit; CFO resigns

|About: Ixia (XXIA)|By:, SA News Editor

Ixia (XXIA) has finished the internal investigation that it launched in October, following the resignation of CEO of Vic Alston in response to the discovery he had misstated his credentials.

Ixia's audit committee has found timing-related errors in the company's revenue recognition practices, and says its financial statements for 2012 and the first half of 2013 could be affected.

The committee found no intentional wrongdoing on the part of Alston or CFO Tom Miller regarding Ixia's financial results/statements. But it did conclude Alston set "an aggressive tone;" that Miller showed "a lack of leadership in terms of tone;" and that internal resources/controls with regards to revenue recognition were "insufficient."

Miller has resigned. Finance VP Brent Novak has been named acting CFO.

XXIA +1.6% AH